Duckie wrote:When you say "this year" do you mean for 2012? Was this deductible or non-deductible? You didn't specify.
If you made a non-deductible contribution to this new traditional IRA for 2012 (and have no other non-Roth IRAs), line 3 (the total basis) will be 0 on Form 8606. You only need to fill out lines 1-3 and 14. Line 14 will go on line 2 next year.
If you made a deductible contribution you don't have to file Form 8606. You just put the contribution on line 32 of Form 1040.
joppy wrote:Before Roth IRAs existed, I contributed to traditional IRAs. When Roth IRAs were created, I converted all my traditional IRAs to Roth IRAs (late 90s). This year I made a traditional IRA contribution and am filling out Form 8606. What should I enter as my "total basis" in traditional IRAs? Should this value be 0, since I no longer have any traditional IRAs except this new one I am just creating?
Or do I need to somehow dig up old tax returns from the late 90s to find the last Form 8606, in which I did my Roth conversions?
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