Hello All,
It seems I have been tracking my nondeductible IRA basis wrong since 2005. In 2005, I started working for an S-Corp and they offered me a company contributed SEP IRA. About 4 years (2005 to 2008), I gave my personal taxes to an accountant. He tracked my nondeductible IRA basis wrong by not taking into account the value of my SEP IRA. He told me that since SEP IRA is company funded, I don't have to report it on form 8606 (where it asks for end of year values of traditional, SEP and SIMPLE IRA).
I started doing my own taxes from 2009, but following his advice did not include value of my SEP IRA on form 8606 until now. And now upon reading more, I realize that he and I was wrong. As a result, my form 8606 is tracking my nondeductible IRA basis wrong.
How can I fix that mistake? Is there anyway to calculate value on Form 8606, Line 2?
