The title says it all. I've been working for 40 yr and never filed form 8606 even though each year I had been contributing to a traditional IRA. My contributions had all been (except for below) from my take home salary (ie already taxed). In researching retirement, I came across articles which led me to learn what I should have done. So I see that I'm missing 40 submissions of form 8606.
Complicating matters, out of 40 yr of IRA contributions, I had received a deduction on my income taxes when filing only a couple times. I'm not sure if that falls into the same category as pretaxed money from an IRA view? The remaining 38yr of contributions, I did not receive an income tax deduction since I surpassed the income threshold.
And to add to the complications, I rolled over 401k pre-tax money into my IRA. It was from a company that I had left a bunch of years prior and decided to combine 2 accounts into 1.
So as I understand, I should have identified each year's contribution as either taxed money (as in 38 of the 40 yr) or pre-taxed (as in the roll over of the 401k pretax money) (or the couple contributions where I received a reduction in my income tax by making a contribution to the IRA?).
Do I print out all 40 forms from each year and complete them and submit in one bundle?
Do I need to know info such as the value of the account at the time of each of those years?
Do I need copies of the tax form from each year?
Is there another approach?
