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For prior year Form 8606, should I simply mail the form to IRS and wait for their response? Or should I enclose a letter ? Will I be billed later for the penalties?

Forum|Forum|7 years ago
June 1, 2019
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I was unaware of the requirement to file Form 8606 for non-deductible IRA contributions. I made these on 3 occasions in the past. I used TurboTax (Web) on these years and may have missed the question. I checked the returns and this form has not been filed. I downloaded the forms for the past years and filled the details in.

TurboTax Deluxe Online

Best answer by fanfare

just mail it and wait for a response, if any. sign each one.
Keep copies for your records.

IRS wants you to keep all 8606 forms forever.

fanfareAnswer

Employee

just mail it and wait for a response, if any. sign each one.
Keep copies for your records.

IRS wants you to keep all 8606 forms forever.

macuser_22

Employee

The IRS does not acknowledge receiving the 8606 forms unless they send a bill for the $50 penalty for failing to file the 8606 each year as required. You can include a request to waive the penalty. I suggest mailing certified or registered mail as proof of mailing.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

fanfare

Employee

Form 8606 can be filed by itself when you are not required to file a tax return.*
Form 8606 was not attached to the filed tax return, as required.
Use Form 1040X to add or correct information on an already filed tax return.

Therefore, the 8606 should be attached to an amended tax return.

In my opinion, you would not be fined a non-filing penalty after filing an amended return for those years.

* See Instructions for Form 8606.

M

mkrvAuthor

Hi fanfare, thanks for your reply. I read through the instructions for a prior year 8606 and it only asks (page 6) to use 1040X if one needs to make a change to previously filed 8606. I also reviewed the form 1040X for that year and there is really no material change to any data in that form. So I am going with filing 8606 by itself.