Turbo tax does not give me the option of entering nondeductible ira contributions. How else do I enter the basis from prior years when Turbo tax does not do this?

[dredden3546]

I did not take a distribution from my ira in 2020 and Turbo Tax is not bringing the basis forward to 2021

[AmyC]

The form 8606 is filed for the year's when the basis changes. If there is no change is basis from last year, the form is not needed this year. You need to keep a copy of the 8606 with your financial records rather than tax records.

If you have made a contribution or distribution that changes your basis, the program will ask questions for your input. In 2021, For example: if you made nondeductible contributions, the program will trigger the 8606.

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses / carryforwards/ basis.