So we didn't keep track of (and report) basis for Traditional IRA contributions

[mamamustache]

Asking this question here because it seems like a lot of you Mustachians are super savvy when it comes to taxes! Or maybe someone is an amateur tax advisor?

We do our own taxes and during my PM (pre-Mustachian) days I contributed to my Traditional IRA for a few years in a row even though our income was too high to receive any benefit. I didn't realize I was supposed to keep track of "basis" so have never sent in any forms to the IRS. Is it too late to do this next time we file our taxes? How would you approach it if you were us?

[MDM]

Fill in all the forms 8606 for the years you should have, and send those in.

Many threads about this on Bogleheads.  See did not file form 8606 site:bogleheads.org - Google Search and Backdoor Roth IRA for starters. 

In short, this should be straightforward and unlikely to cause you any problem other than the time to complete and return the 8606s.

[mamamustache]

Thanks MDM. You are full of great advice.