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March 24, 2025
Question

Total basis for IRA reporting

  • March 24, 2025
  • 1 reply
  • 0 views

When I was filling out my non-deductible traditional IRA contribution, TurboTax asked about total IRA basis amount. 

 

Where do I find this amount? Is this simply my total traditional IRA balance from all past years including 2024?

 

It also asked the same question for Roth IRA. 

1 reply

fanfare
March 24, 2025

TorboTax wants your prior years basis.

 

Get this from your most recently filed Form 8606 Line 14,

If none, enter -0-.

 

@yatoshura 

yatoshuraAuthor
March 25, 2025

@fanfare 

 

I did not have any IRA contribution in 2023 so that total basis is not in that form. However, I recalled contribution to traditional IRA in 2022 and 2021. So do I just add up those balances or just use the basis from 2022?

fanfare
March 25, 2025

Your most recently filed form with IRS shows the total of all non-deductible amounts still in the IRA.

It is prior years basis.

not prior year's basis.

 

If you added basis in 2024, your 2024 Form will report the increment.

@yatoshura