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Traditional IRA Basis Carryover

I have a Traditional IRA Carryover from 2022 that I also could not use in 2023. How do I report that in 2024

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3 Replies
DanaB27
Expert Alumni

Traditional IRA Basis Carryover

Did you make a Traditional IRA contribution for 2024 or have a Form 1099-R from the Traditional IRA? If not then you are not required to file Form 8606 and there is nothing for you to enter on your 2024 return. Please see Who Must File 2024 Form 8606 for additional information.

 

If you made a Traditional IRA contribution for 2024:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions” 
  3. Click on “Jump to IRA contributions"
  4. Select “traditional IRA
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  6. Enter the amount you contributed
  7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  8. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year.
  9. Enter your basis in the Traditional IRA from your last filed Form 8606 line 14 (if you had a basis in the prior year)
  10. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (if you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible).

 

 

If you received a Form 1099-R:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. On the "Here's your 1099-R info" screen click "Continue"
  5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
  6. Answer the questions about the basis from line 14 of your last filed Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

 

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Traditional IRA Basis Carryover

I did not make any contributions in 2024 but thought I could use the contributions that were carried over from previous year

DanaB27
Expert Alumni

Traditional IRA Basis Carryover

Do you have a Form 1099-R for a distribution? If yes then follow the steps above and enter the basis in the follow-up questions. 

 

If you do not then you will keep the basis until you make a distribution. But you do not need to enter anything about the basis on the 2024 return.

 

 

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