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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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:
If you received a Form 1099-R:
I did not make any contributions in 2024 but thought I could use the contributions that were carried over from previous year
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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