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Retirement tax questions
Thanks for the reply! I think I got it corrected, but I have a couple of additional Questions.
Did you have any nondeductible IRA contributions to your traditional IRA from 2024 or prior years?
Nondeductible contributions are tracked on Form 8606 in your prior year returns.
I selected YES
If you made any nondeductible contributions in prior years, look at your most recent Form 8606. Find the box called total basis and enter the number from that box below.
I looked at my last years taxes and on the 2024 Form 8606, Box 14 has 7,000
So I put $7,000 in the box.
It still seems to not tax the $7,000, so I guess that's correct?
a week ago