I'm helping someone who just started taking RMDs from a traditional
IRA. They have no idea of their basis. Contributions would have been
made in the 1970s & 80s and their tax records from that period are at
best fragmentary (although in at least two years it included letters
from the IRS questioning the deductibility of their IRA contributions
but no indication as to how the matter was resolved).
The IRA custodian doesn't have online records going back that far and
they probably wouldn't know basis anyway.
Can the IRS tell us when the last 8606 was filed and what was on it
(after any IRS changes)?
Is assuming $0 basis their only option at this point?
- posted 12 years ago