My accountant passed away so I thought I would go it alone this year with TurboTax. I only have printed or pdf versions of my federal and state taxes he has done previously.
I have noticed that he did not file an 8606 for years 2018-2020. During these years I've taken distributions from my nondeductible IRA along with my Rollover IRA. I have Form 8606 from 2016 which shows the cost basis and is the last year any contributions to that account were made. Since he didn't adjust my withdrawals I've overpaid my taxes in 2018-2020.
Now it's 2021 tax time and I've drawn down this account to zero. 2 questions:
1) Should I try and amend my returns or just reduce my cost basis for 2021 by to total amount already withdrawn and be done with it?
2) Do I need to include my husbands retirement account values in addition to my own even though he hasn't withdrawn any deductible or nondeductible amounts yet?
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It sounds like you have multiple traditional IRA accounts in your name.
You can't do what you are proposing; it is not allowed.
You must file a correct Form 8606 that shows your basis in all IRAs and the value of all IRAs at year end.
All your accounts comprise just one IRA as far as IRS is concerned.
You don't include your husband's IRAs; those are his not yours.
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