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I forgot to file an 8606 with IRA basis on my 2015 return and thus paid tax on my full MRD. For 2016, can I use the basis on line 14 of my 2014 return?

 
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Level 15

I forgot to file an 8606 with IRA basis on my 2015 return and thus paid tax on my full MRD. For 2016, can I use the basis on line 14 of my 2014 return?

If there was no 8606 form on your 2015 tax return then do not "skip" a year.  First amend 2015 and answer the 1099-R follow-up questions and enter the non-deductible basis from 2014, and the 2015 year end total value of all Traditional IRA accounts.  That will probably result in a refund for 2015 if the "basis" was not pro-rated on the 2015 distribution. 

Then use the new 8606 line 14 basis from the  2015 8606 as the carry-over basis for 2016.

**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.**

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Level 15

I forgot to file an 8606 with IRA basis on my 2015 return and thus paid tax on my full MRD. For 2016, can I use the basis on line 14 of my 2014 return?

Are you sure?  It should have carried over automatically if you transferred each year.
**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.**
Highlighted
Level 15

I forgot to file an 8606 with IRA basis on my 2015 return and thus paid tax on my full MRD. For 2016, can I use the basis on line 14 of my 2014 return?

If there was no 8606 form on your 2015 tax return then do not "skip" a year.  First amend 2015 and answer the 1099-R follow-up questions and enter the non-deductible basis from 2014, and the 2015 year end total value of all Traditional IRA accounts.  That will probably result in a refund for 2015 if the "basis" was not pro-rated on the 2015 distribution. 

Then use the new 8606 line 14 basis from the  2015 8606 as the carry-over basis for 2016.

**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.**

View solution in original post