Hey everyone,
I started looking recently into doing a Backdoor Roth IRA which sent me down the rabbit hole of the form 8606 and the pro rata rule. All our contributions to our traditional IRAs have been non deductible as we are high earners. We never did any conversion or withdrawals over the years. I just forgot to submit the form in 2019 (or I did something wrong while filling my taxes).
Here is what my 8606 forms look like for me and my spouse over the years:
Spouse 1
- 2018 $line 1: $3.6k, line 14: $3.6k
- 2019 $6000 but no form 8606
- 2020 line 1: $6k, line 14: $6k
- 2021 line 1: $6k, line 14: $6k
- 2022 line 1: $5.5k, line 14: $5.5k
- 2023 no contributions
- 2024 no contributions
Spouse 2
- 2018 no contributions
- 2019 $6000 but no form 8606
- 2020 line 1: $6k, line 14: $6k
- 2021 line 1: $6k, line 14: $6k
- 2022 line 1: $6k, line 14: $6k
- 2023 no contributions
- 2024 no contributions
My question for you all is about line 14. On the form it says: "This is your total basis in traditional IRAs for YYYY [current year] and earlier years". Shouldn't the line 14 be the sum of all my non-deductible contributions from the previous year? for spouse 2, shouldn't the line 14 be $18k in 2022 and not $6k? or am I missing something?
I am trying to figure out if I just need to submit the forms for 2019 that I missed or if there is a deeper problem with the way I entered the data in TT over the years.
Thank you all for your help!
