@rmk9785e wrote:
The last 2 answers are very helpful.
A clarification here "If you made a non-deductible Traditional IRA contribution...." The intent was not to make non-deductible contribution. It could not be deducted because taxes were not filed in time for the deduction to be taken, therefore the funds in this Traditional IRA being post-tax.
I hope the answer provided about the process still applies.
Yes. It is too late to amend for a contribution made 10 year ago to take the deduction now so it is non-deductible after tax "basis".
You can obtain past years 8606 forms (you should use the form for the year that the contribution was made) to report that basis. Then when you take a IRA distribution/conversion it would be entered as in my answer above.
Get past 8606 and instructions here:
https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=0bdyRxDbhQhzJH1ZOAnWKbaQ...
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
