Mar 30, 2025 · I need to file amended returns for the last 3 years due to not handling nondeductible IRA basis tracking correctly on form 8606. Per the IRS, you can use tax software to electronically file your …

Feb 24, 2025 · Filing a Form 8606 for no other reason than to show on lines 2 and 14 your existing basis from prior years is extraneous. The IRS wants your tax return to include Form 8606 only if you have …

Mar 1, 2024 · However, after entering both 1099-Rs and going through the step by step, form 8606 is not actually triggering. No matter what I click, I either get all of the $6500 being deductible or none of …

Feb 10, 2024 · TurboTax can only handle your own Form 8606, not a Form 8606 for an inherited IRA. You should include the separately prepared Form 8606 with your printed and mailed tax return.

Feb 1, 2025 · The submitted 2023 Form 8606 becomes your most recently filed Form when preparing 2024 tax return. You didn't say if you are making a non-deductible contribution for 2024.

Feb 23, 2025 · Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year. Enter your basis …

Mar 18, 2024 · Filing form 8606 to report nondeductible IRA contributions will help you (and the IRS) keep track of your IRA basis so that you aren't taxed again when you withdraw your after-tax …

Feb 5, 2025 · Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year. Enter your basis in the …

Feb 18, 2025 · One reason for this is so that your Form 8606 is populated properly and to insure the correct treatment of your rollover contributions to the Roth IRA. You need to enter the non-deductible …