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form 8606 total basis question
I opened a rollover IRA in 2019 and put money from work 401k into it and that year and since have contributed max IRA contribution. Bc I make too much it is considered a nondeductible IRA contribution. I used turbotax online and it generates a form 8606 but every year except 2020 ( i filed married filing separately I noticed it says my total basis is zero. I have contributed between 2019-2024 all nondeductible so shouldn't it be the sum of the contributions? I am so confused if i need to do addendum and get accountant now or await until I file taxes next year. contribution. total basis
2024 | 7000 | 0 |
2023 | 6500 | 0 |
2022 | 6000 | 0 |
2021 | 6000 | 0 |
2020 | 6000 | 12000 |
2019 | 6000 | 0 |
May 30, 2024
12:36 PM