I need to spend some time to learn about this. My employer also provides a mega back door Roth but I have stayed away from it until I read about it. One thing to note is that I hope in 5 years I am ready to move to a lower tax bracket than the current one (due to W2 income).You don't do Roth conversions?Hi folks,
While getting feedback on another thread I started mentioned Form 8606, I went and checked Form 8606 for the last 5 years.
In line 14 of the form ( " 14 Subtract line 13 from line 3. This is your total basis in traditional IRAs for 2021 and earlier years ") every year and I have the maximum contribution amount the IRS allows.
It seems to me, this should be the accumulated non deductible contributions for all tax years. I have no Roth contributions or distributions of the traditional IRA.
While searching the forum I do see one thread where the author mentions he just corrected the total basis (line 14) with the amended value while submitting the taxes.
My questions:
1- if my understanding is correct and that line 14 of the form should be the accumulated non deductible contributions, is updating line 14 (total basis) for this year's form 8606 be the correct way to amend the amount of non deductible contributions I have made over the years to a traditional IRA?
Statistics: Posted by Joli — Wed Mar 20, 2024 9:21 pm — Replies 6 — Views 322
/english-betterindia/media/post_attachments/uploads/2023/03/biogas-unit-installation-1679901883.jpg)
