Total Basis for TIRA form 8606
How I can find total basis in traditional IRA for line 2 in form 8606 if I did not saved taxes before 2007?
My husband has about $90K in his IRA account, but we do not know which part of it was non deductible.
Can I get a copy of taxes from IRS? Do I have to report $ 0 on line 2 of form 8606 and correct it later?
Permalink Submitted by Mike Hunt on Fri, 2010-04-02 16:42
better to rseaerch it and find out before filing taxes. Ask the investment company that manages his TIRA acct to provide the history of form 5498’s which should show his non-deductible contributions.
Permalink Submitted by Sofia Medvedev on Sat, 2010-04-03 02:09
Thanks
Permalink Submitted by Alan Spross on Sat, 2010-04-03 02:54
The 5498 will show the contribution made, but will not indicate whether it was deductible or not. You would need both a transcript of the return AND the 5498 to determine whether the contribution was made, and IF it was deducted or not. The 8606 should be filed to show just non deductible contributions starting with the oldest year. This could go as far back as 1987.
http://www.irs.gov/individuals/article/0,,id=110571,00.html
Permalink Submitted by Sofia Medvedev on Sat, 2010-04-03 13:03
Thanks Alan, you are the best!