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Level 4

Question

Total basis for IRA reporting

7 replies
70 views

When I was filling out my non-deductible traditional IRA contribution, TurboTax asked about total IRA basis amount.

Where do I find this amount? Is this simply my total traditional IRA balance from all past years including 2024?

It also asked the same question for Roth IRA.

TurboTax Deluxe Online

Level 15

TorboTax wants your prior years basis.

Get this from your most recently filed Form 8606 Line 14,

If none, enter -0-.

yatoshuraAuthor

Level 4

I did not have any IRA contribution in 2023 so that total basis is not in that form. However, I recalled contribution to traditional IRA in 2022 and 2021. So do I just add up those balances or just use the basis from 2022?

Level 15

Your most recently filed form with IRS shows the total of all non-deductible amounts still in the IRA.

It is prior years basis.

not prior year's basis.

If you added basis in 2024, your 2024 Form will report the increment.