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Can I report previous years's non-deductible ira contributions from 30ish years ago? I made them in 1989, 1993, 1993 and 1994 Didn't know about form 8606 at that time.

I made them in 1989 ($210), 1993 ($2000), 1993 ($1370) and 1994 ($1500) I didn't know about form 8606 at that time.
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1 Reply
DianeW777
Employee Tax Expert

Can I report previous years's non-deductible ira contributions from 30ish years ago? I made them in 1989, 1993, 1993 and 1994 Didn't know about form 8606 at that time.

Yes, you can and should reconstruct the information for the IRS and file Form 8606. This form is a signature form and can be filed by itself. However, you can create your total basis and enter the appropriate amount on Line 2, for 2024 and include it with your 2024 tax return. Be prepared with your Total Basis Chart should the IRS request to see it. It's not a guarantee they will accept all years, but it's definitely worth trying so that you are not taxed on your nondeductible prior year contributions when you begin to take distributions.

 

Line 2 - Form 8606 Instructions

Generally, if this is the first year you are required to file Form 8606, enter -0-. Otherwise, use the Total Basis Chart to find the amount to enter on line 2.

 

However, you may need to enter an amount that is more than -0- (even if this is the first year you are required to file Form 8606) or increase or decrease the amount from the chart if your basis changed.

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