MinhT1
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Retirement tax questions

Filing form 8606 to report nondeductible IRA contributions will help you (and the IRS) keep track of your IRA basis so that you aren't taxed again when you withdraw your after-tax contributions.

 

If you have filed no Forms 8606 for nondeductible contributions, the IRS may accept a filing of Forms 8606 for all years to establish the correct basis in your traditional IRA.

 

You don't need to amend your past returns if no other details have changed.

 

Send the 8606 forms with a cover letter explaining that you omitted to file these forms to the IRS Center where your tax returns would normally be sent.

 

For 2023 and future years, follow the instructions in this TurboTax Help article to file form 8606 with your tax return.

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