How do I know if I had nondeductible traditional IRA contributions in a prior year?
Nondeductible traditional IRA contributions are contributions you made to a traditional IRA that you did not deduct on your return. If you were not allowed to take a traditional IRA deduction, or if you chose not to deduct the traditional IRA contributions, you had nondeductible traditional IRA contributions.
If your nondeductible contribution was made in 2024 you'd typically see it on your 2024 Form 8606.
If it was made in an earlier year, you would need to look back at the Form 8606 from the year the contribution was made, and then check each year going forward from that point to see how the basis has been carried forward.
Example: On your 2024 return, your high income prevented you from deducting the $5,000 traditional IRA contribution you made. In this case, you'd have a nondeductible traditional IRA contribution from 2024.
If your nondeductible contribution was made in 2024 you'd typically see it on your 2024 Form 8606.
If it was made in an earlier year, you would need to look back at the Form 8606 from the year the contribution was made, and then check each year going forward from that point to see how the basis has been carried forward.
Example: On your 2024 return, your high income prevented you from deducting the $5,000 traditional IRA contribution you made. In this case, you'd have a nondeductible traditional IRA contribution from 2024.
