I've filed Form 8606 in the past as i've made past contributions
thanks for the help !
That's correct. You don't need to submit the form every year.
File Form 8606 if any of the following apply.
• You made nondeductible contributions to a traditional IRA for 2021, including a repayment of a qualified disaster or reservist distribution.
• You received distributions from a traditional, SEP, or SIMPLE IRA in 2021 and your basis in these IRAs is more than zero.
• You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2021 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.
• You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2021.
• You received distributions from a Roth IRA in 2021 (other than a rollover, recharacterization, or return of certain contributions.
• You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution
No. You don't need to file form 8606.
You must file Form 8606 for every year you contribute after-tax amounts (non-deductible contributions) to your traditional IRA or if you received a distribution from your Roth IRA or your traditional IRA if you ever previously contributed after-tax amounts.
thanks that make sense - much appreciated
so quick follow up just to clarify - if I don't make any more non deductible contributions in the future, the IRS will still know my reported basis from 8606 forms submitted in the past, right? (in other words, i dont need to keep resubmitting the form to remind them of my basis each year) So in theory if I never made another non deductible contribution, the next time I would ever have to use that form would be when i start taking distributions in retirement, right ?
thank you again for your help !
That's correct. You don't need to submit the form every year.
File Form 8606 if any of the following apply.
• You made nondeductible contributions to a traditional IRA for 2021, including a repayment of a qualified disaster or reservist distribution.
• You received distributions from a traditional, SEP, or SIMPLE IRA in 2021 and your basis in these IRAs is more than zero.
• You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2021 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.
• You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2021.
• You received distributions from a Roth IRA in 2021 (other than a rollover, recharacterization, or return of certain contributions.
• You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution