Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 3
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.,,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.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.