Thank you! Your reply is very helpful. But this has led me to think about my wife’s IRA account and how it’s running into a similar problem. She has not done a backdoor Roth conversion yet, but I did notice that the IRA basis was not updated to include the aggregate amount over the years. I read that you can only amend prior-year returns for up to 3 years but unfortunately she has nondeductible IRA contributions that date pass that by a couple of years. Is there any way to still amend? And if not, is the consequence being that she would need to pay taxes on nondeductible contributions because it was too late to amend? I appreciate your help.
