Have a Tax Question? Ask a Tax Expert
Hello JA Customer,
If your traditional IRA account contains both pre tax and after tax contributions, then you need to complete Form 8606, Part II, to see how much of your conversion is actually subject to tax.
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Thank you JA Customer
Hello again JA Customer,
Really you should have started filling out the Form 8606 in the first year that mixed contributions were made to the account. You then carry those figures forward each year and complete a new form 8606 each year.
If you have not completed that form in the past, you will have to go back through your own personal records to determine exactly which contributions were made on a pre tax basis and which were on an after tax basis, and the date each of those contributions were made. Unfortunately absolutely no one except you has that information and so you could not obtain this anywhere but from your own records.
The form 8606 is going to ask you for your total basis in the account, and that is something you will have to compile on your own from records that you have kept, as the investment firm has no idea when you make contributions if they are on a pre tax or after tax basis.
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