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I made a nondeductible contribution to my traditional IRA in 2021, but my 2021 tax return doesn't have a Form 8606. Why?
I made a nondeductible contribution to my traditional IRA in 2021 (6k), and another nondeductible contribution to my traditional IRA in 2022 (6k). Looking back now, My 2021 tax return doesn't have a Form 8606. I went to try to amend my tax return on TurboTax, and saw that I definitely reported it in the software correctly...so there's nothing for me to even fix through TurboTax.
But my 2022 tax return does have Form 8606, but the listed total basis is 6,000. I'm not sure where I went wrong, but I think the total basis for 2022 should've been 12,000.
I also made a nondeductible contribution for 2023. So for my 2023 tax return, is my cost basis from previous years $6,000? Or $12,000? How do I correct what happened?
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March 27, 2024
4:48 PM