Form 8606 haven’t tracked basis

[CantexL]

Hi,

My wife and I have had a number of recent years where we had nondeductible traditional IRA contributions, which are combined with numerous other years where the contributions were deductible (we’ve worked for a school district which has a teachers’ retirement plan).  I have made sure to file form 8606 for each of us, for every year it was applicable but due to my not understanding the “total basis” of line 2, I haven’t been consecutively adding on to all prior years.  Most years of using TurboTax online, I just put a zero on line 2 because I didn’t know, so it hasn’t tabulated the running total correctly on lines 3 or 14.  I want to make sure that this won’t affect anything.  Can I just add up all the total years of nondeductible contributions, and put the total on line 2 this year, so that line 3 and 14 will be correct going forward?  It’s not that I haven’t filed form 8606; it’s just that the total showing on line 3 and therefore line 14 is not correct.

[DianeW777]

Yes, file the correct numbers on your current year, 2025 tax return. Next, amend/correct the Form 8606 for the following years. File only the Form 8606 and the Form 1040X.  Mail them to the address for your location using this link: Where do I mail a Form 1040-X?

• 2022 - Time to amend expires April 15, 2026
• 2023 - Time to amend expires April 15, 2027
• 2024 - Time to amend expires April 15, 2028
  • Form 8606 -Prior Years

Complete the forms for each year and mail each year in a separate envelope.