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Correcting Non-Deductible Traditional IRA basis in form 8606
Hi,
Back in 2016, I somehow restarted from zero my basis from what I had before. I did not realize this until now as I am doing my 2021 taxes. I would like to correct it. Can I just update my 2021 - 8606 form with a new basis number - basically adding in what was the basis back in 2015 to my current total. Or do I need to amend all the prior tax returns somehow. Note none of these should impact my tax for each year since they were non-deductible.
thanks for any help!
‎April 9, 2022
8:21 PM