Asked August 25, 2014, 4:22 PM EDT
I have made non-deductible IRA contributions to investment accounts for many years, but I never filed form 8606, and I do not have evidence that the contributions were made with after-tax dollars. Further, I don't have the records to show how much I contributed each year, although I know it was the maximum allowed for each year.. I do, however, have copies of all my tax returns that would reveal that no deductions were ever claimed or taken. I don't want to pay tax (again) on the portion that represents my cost basis when I start my RMDs in 3 years.
* Does the IRS require proof of the cost basis and gains at the time that I report these figures?
*What can I do to satisfy the IRS that all my contributions were non-deductible? *How can I avoid paying double taxes on the cost portion of my IRA account?
Oneida County New York