Form 8606 line 2 issue

[Henry1]

I have been contributing to a non-deductible traditional IRA from 1996 to 2021. I have not yet filed my 2021 tax return. I have been using TurboTax  Deluxe each of those years to file federal taxes and a form 8606 was included in the filing. However, I recently noticed that line 2 of form 8606 "Enter your total basis in traditional IRAs" has an amount of $0 each year since tax year 2011. I am not certain how this happened but would like to correct it before I begin my first Roth conversions in 2022.

I have detailed records of each years IRA contribution and I also have each years tax return which shows that it was non-deductible. What is required to fix this issue? Do I simply need to submit only form 8606 from 2020 to the IRS with all of the original data but with the correct line 2 amount? Or, do I also need to submit a 1040X with that form? Or, do I also need to submit both 1040X and 8606 for the past 3 or more years? When I submit the updated 8606 what evidence so I need to submit with it?

[MaryK4]

You may want to start by getting your Tax Return Transcript (Get Your Tax Record) (only the prior three years are available but you will be able to see if the 8606 information/IRA basis is included on your 2020 return, which may save you the time of filing the prior year 8606s.)

If the 8606 information was not included, you do not need to amend the tax returns, but can send the 8606s separately.  There is a late filing penalty, but if you include a request for abatement of the penalty for reasonable cause with each form, the IRS may waive the penalty.  

You can get the prior year forms at IRS Form 8606 and the instructions will have the address where to mail the forms. 

You do not have to submit any documentation with the 8606s, but definitely keep the information with your tax records in case you need it later.  

For the 2021 tax return, you can include the prior basis amount to get the total reflected on this year's tax form.  Just note: the IRS takes longer to process paper forms, so be sure to include your current basis this year even if they have not processed the prior year 8606s.