IRA Basis Carryover from nowhere?

Forum|Forum|11 months ago
April 13, 2025
1 reply
0 views

My spouse and I both contributed exactly the maximum to our IRAs for both 2023 and 2024 and answered "no" to all the questions about excess contributions, etc. but on the IRA Information Worksheet TurboTax has auto-filled a non-editable "Basis carryover as of 12/31/2024" of 2,140. Where is this number coming from?

TurboTax Home & Biz Windows

DanaB27

It seems that part of your Traditional IRA contribution is nondeductible and you have a basis in the Traditional IRA. You should have Form 8606 included in your return.

Your Traditional IRA deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

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

Stu10

My wife has a basis carryover as of 12/31/2024 of $1,108 - FROM NOWHERE!

Filling jointly. Both over 50. No employer plans. 2024 IRA contributions before 4/15/2025 = $8000 for myself and $3081 for my wife. Both completed 2024 RMDs on time.

No forms 5329 or 8086 in 2023 return.

DanaB27

It seems part of your wife's Traditional IRA contribution was nondeductible and therefore she has a basis carryover (line 3 of the IRA Information Worksheet). Does your wife have a 2024 8606 included on your return? Did you get a warning during the IRA contribution that part of your wife's Traditional IRA contribution cannot be deducted?

@Stu10

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