Question

FORM 8606

Forum|Forum|1 year ago
February 9, 2025
1 reply
0 views

Hello! I am MFJ and in January 2024 I contributed $7500 (+50) and $6500 (-50) to Traditional IRA, which was then moved to our Roth IRAs (This was contributions that were for 2023). I learned about the 8606 form, which I had not filed so *do I have to do an amended Tax filing for 2023*? For the 8606 form Line 2 asks for the Total Basis, which I read is prior contributions. Where can I find this information (I have access to the current value of our IRAs, but don’t know the contributions because our money was transferred from other accounts into our current firm….and I cannot recall.

D

DanaB27

Yes, if you made nondeductible contributions for 2023 but didn't file the 2023 Form 8606 then you will need to amend your 2023 tax return. Please see How do I amend my federal tax return for a prior year?

Generally, line 2 is the amount from line 14 of your last filed Form 8606. Please see Line 2 instructions for more details and exceptions.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"