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Retirement tax questions
1) If you have a retirement plan at work and are over the income limit your traditional IRA contribution will be nondeductible automatically and you only get a warning. If all of it is made nondeductible then you will get a screen saying $0 is deductible. You are done with entering your nondeductible contribution.
2) Yes, you will need to file a 2019 Form 8606 and correct your 2020 Form 8606 if you don't have a basis of $12,000 listed on line 14 ( the $6,000 basis from 2019 should be on line 2).
On your 2021 Form 8606 you should have $12,000 listed on line 2 from your 2020 Form 0606 line 14.
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‎April 10, 2022
10:05 AM