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posted Apr 4, 2025 2:36:38 PM

Form 8606 Basis Trauma

I have made nondeductible IRA contributions for several years, and just noticed that TT is not accumulating the basis on form 8606.  Is there a way to make an adjustment on my 2024 form 8606 so that my accumulated basis is recognized on my 2024 return, and includes the prior non-deductible contributions made in the past?

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1 Replies
Expert Alumni
Apr 4, 2025 2:48:30 PM

Yes, follow these steps:

  1. you need to edit your 1099-R.
  2. review your entries
  3. continue through until you reach nondeductible contributions
  4. answer yes to Any nondeductible Contributions to your IRA?
  5. answer the questions about the basis from line 14 of your 2023  and other years not carried over from Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

Once you have completed this year's filing, you can create form 8606 for prior years.

You need to:

  1. print each year form 8606, IRS prior year 8606 forms and instructions
  2. fill it in with the correct numbers
  3. sign and date the bottom of the form
  4. mail each year separately.  See Where to file paper tax returns with or without a payment