I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???

[dmertz]

Both Forms 8606 are correct.  The asterisks indicate that TurboTax is using Worksheet 1-1 From IRS Pub 590-B to calculate the nontaxable amount because both a contribution and a distribution during the year.

The $0.01 rounds to zero in the whole-dollar calculations, so your entire basis was applied to the Roth conversion.  (If the calculations were done to the penny, yes, you would have $0.01 in basis remaining, but TurboTax does the calculation in whole dollars as permitted by the IRS.)

[Nari12]

Distribution from non deductible IRA

Please help me

I got a distribution of a non-deductible IRA ($6k) in September 2023. The total basis was $4k contributed in 1995/1996. I got the 1099R form showing the 6K in box 1 and 2a, x in box 2b, code 7 in box 7 , x in box IRA/sep.simple.

i entered the info in turbo tax but i see no place to report the basis 4K. How to fill out the data in the turbo. Turbo has a track record of the basis.

Thanks

[dmertz]

Click the Continue button on the page that lists the From 1099-R that you have entered, answer Yes when TurboTax asks if you made nondeductible contributions, then enter the $4,000 of basis in nondeductible traditional IRA contributions.  If you had a nonzero balance in any traditional IRAs at the end of 2023, also be sure to, when asked, enter your year-end value in traditional IRAs.

[Nari12]

Thank you for the response and I will try to follow your instructions. I cash out all my traditional IRA in September 2023, but I still leave the roth intact.  Should I answer 0 to the balance of traditional IRA by the end of the year?

Thanks

[dmertz]

If you had nothing in traditional IRAs at year-end, the year-end value of your traditional IRAs was zero.