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New Member
posted Mar 27, 2025 7:39:36 PM

Form 8606 not tracking basis

I have made non-deductible IRA contributions over the last number of years, which have been tracked via the form 8606. The same thing should apply this year, however, it's not asking me what my basis is from last year's form 8606. The software goes from the question "Any excess IRA contributions before 2024" to "Income is too high to deduct" and then it gives me the deduction summary (which is $0). At no point through this process does it ask my what my tracked basis is. I looked at the 8606 and it's just showing this year's contribution as the basis. 

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3 Replies
Level 15
Mar 27, 2025 8:08:36 PM

In the jump to/search box enter "ira info" no quotes. Double-click on it to open. Scroll down to Part III line 12

New Member
Mar 27, 2025 8:20:01 PM

If I'm using the Mac desktop version is there a jump/search function? I can't find it. 

Level 15
Mar 27, 2025 9:57:32 PM

Try the following,

set your earned income to $40,000.

make an IRA contribution and elect no deduction.

It will ask you for your prior basis.

reset your earned income to correct amount.

@d4vidf05