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In 2010: contributed to Traditional IRA for the first time. The total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $4000. Entered in line 2 (total basis) as $0.
2012: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5000. Entered in line 2 (total basis) as $0.
2013: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5500. Entered in line 2 (total basis) as $0.
2016: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5500. Entered in line 2 (total basis) as $0.
Do I need to resubmit Form 8606 for 2012, 2013 and 2016? Do I also need to submit an amended 1040 even though it has no affect on my tax given it is a nondeductible contribution?
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I wouldn't do that. Just put the grand total in for all prior years, next time.
IRS says: keep all copies of Form 8606 in your records, indefinitely.
Hi,
I have the same problem,and I'm trying to learn how to fill form 8606 correctly.
Please what should the basis be for each year in line 2 for 2012, 2013, 2016?
I'll like to see your corrections,that way I'll know how to correct mine
Same thing happened to me, my total basis was never updated in Turbotax even though I have used Turbotax from 2007 through 2019.
use 1040X to file a correct Form 8606. In Part III explanation, indicate that your submitted form corrects errors propagated in prior years List those years.
I just noticed TT never updates the total basis and I messed up two years in a row. In 2020, I did convert all to Roth. Does it mean my total basis is now '0'?
Yes. If you converted all traditional IRAs to ROTH, then you have no basis left in them.
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