First Time Non-Deductible IRA and Form 8606

HarryPotter Member Posts: 1 Newcomer

I am using FreeTaxUSA, and making a non-deductible IRA contribution for the first time. The non-deductible contribution is $6,500, made in 2024 for year 2023. I am being asked three questions, and need help with the second.

1. Traditional IRA Basis and Value

Entered $0 since I have not made non-deductible contributions before.

2. Enter the value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2023:

What goes here? Is it also $0? Is it the value of all pre-tax IRAs? Is it pre-tax plus roth IRAs? I am very confused.

3. Enter the amount, if any, of your contributions to a traditional IRA for 2023 that were actually made from January 1, 2024 through April 15, 2024:

$6,500 since I'm making a contribution in 2024 for 2023 of $6,500.



  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 247


    Thanks for providing all those details. Yes, only enter the amount for question #3. #1 an #2 should be $0 in your case. Then check your Form 8606. It should have an amount on line 14 for basis in IRAs.