Where can I get my spouse's total basis in IRAs for 2024 and earlier years?
Check your spouse's Form 8606, Line 14 on your 2024 tax return to find the total IRA basis from prior years. If your 2024 tax return doesn't include a Form 8606 for your spouse, look for their Form 8606 from your 2023 tax return to get the total IRA basis from prior years.
If you can't find a prior year Form 8606 for your spouse, or if their prior year Form 8606 is incorrect, calculate your spouse's IRA basis from prior years by following these steps:
Example 2: Your spouse contributed $10,000 to their IRA in prior years and took a $6,000 deduction on a prior tax return for the $6,000 they contributed that year. They also took a distribution in a prior year, and $3,000 of their distribution was offset by their basis to reduce the taxable amount of their distribution at that time. Their basis now is $1,000 ($10,000 - $6,000 - $3,000).
If you can't find a prior year Form 8606 for your spouse, or if their prior year Form 8606 is incorrect, calculate your spouse's IRA basis from prior years by following these steps:
- Add up all of IRA contributions your spouse has made over the years.
- Subtract any IRA deductions your spouse has taken on your tax returns over the years.
- Subtract any nontaxable distributions your spouse has taken from their IRA.
Example 2: Your spouse contributed $10,000 to their IRA in prior years and took a $6,000 deduction on a prior tax return for the $6,000 they contributed that year. They also took a distribution in a prior year, and $3,000 of their distribution was offset by their basis to reduce the taxable amount of their distribution at that time. Their basis now is $1,000 ($10,000 - $6,000 - $3,000).
