Hi,
My wife and I have had a number of recent years where we had nondeductible traditional IRA contributions, which are combined with numerous other years where the contributions were deductible (we’ve worked for a school district which has a teachers’ retirement plan). I have made sure to file form 8606 for each of us, for every year it was applicable but due to my not understanding the “total basis” of line 2, I haven’t been consecutively adding on to all prior years. Most years of using TurboTax online, I just put a zero on line 2 because I didn’t know, so it hasn’t tabulated the running total correctly on lines 3 or 14. I want to make sure that this won’t affect anything. Can I just add up all the total years of nondeductible contributions, and put the total on line 2 this year, so that line 3 and 14 will be correct going forward? It’s not that I haven’t filed form 8606; it’s just that the total showing on line 3 and therefore line 14 is not correct.
