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URL:  https://boards.fool.com/the-irs-will-deem-that-you-had-a-zero-basis-in-25109682.aspx

Subject:  Re: Figuring Tax Implications of IRA Conversions Date:  1/31/2007  11:43 AM
Author:  jrr7 Number:  91515 of 132123

The IRS will deem that you had a zero basis in your Traditional IRA (and thus that the entire conversion amount is taxable) unless you had filed a Form 8606 for the years when you contributed.

If you know which years you contributed, you need to file amended returns for those years, including a Form 8606.
http://www.irs.gov/newsroom/article/0,,id=108657,00.html

Unfortunately, there's a three-year deadline for filing an amended return, so you are out of luck.


I've always been under a company pension plan. If I remember correctly - and I'm not at all sure this is true - doesn't this mean all my traditional IRA contributions would have been made with after-tax dollars?


No. Being under a company pension plan sets an upper limit on income in order to be able to deduct. But since you didn't file the 8606 it's moot.

The whole conversion is taxable.
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