8606 Filed but I have no basis. Can I just ignore this when I have to do my RMD

Forum|Forum|1 year ago
February 11, 2025
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For a few years in the 1990's I made some Nondeductible IRA contributions. I completed the 8606 when I filed using Turbo Tax. I do not have complete records for this. I am guessing it might be a total of $10,000. I understand I have already paid tax on these contributions, and I will be taxed again if I do not list my basis. Will I be breaking any laws if I do not do this? I took take my first RMD last year (2024) and when I was entering the 1099R part from my RMD Turbo Tax asked me if I had any nondeductible contributions. Can I just answer no and move forward. Or am I breaking the law?

Thank you for any advice.

Best answer by MinhT1

If you answer No, you will not be breaking the law, but it will be to your detriment, as you will be taxed on the full withdrawal, without the benefit of your non-deductible contributions.

MinhT1Answer

If you answer No, you will not be breaking the law, but it will be to your detriment, as you will be taxed on the full withdrawal, without the benefit of your non-deductible contributions.

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