Question

I incorrectly put the total basis in Form 8606 for several years (2011 to 2016). Do I need to complete both Form 8606 and an Amended 1040 for EACH incorrect year?

Forum|Forum|7 years ago
June 5, 2019
3 replies
0 views

In 2010: contributed to Traditional IRA for the first time. The total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $4000. Entered in line 2 (total basis) as $0.

2012: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5000. Entered in line 2 (total basis) as $0.

2013: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5500. Entered in line 2 (total basis) as $0.

2016: contributed to Traditional IRA. Total amount is nondeductible. Entered in line 1 (nondeductible contribution) as $5500. Entered in line 2 (total basis) as $0.

Do I need to resubmit Form 8606 for 2012, 2013 and 2016? Do I also need to submit an amended 1040 even though it has no affect on my tax given it is a nondeductible contribution?

TurboTax Premier Online

fanfare

Employee

I wouldn't do that. Just put the grand total in for all prior years, next time.

IRS says: keep all copies of Form 8606 in your records, indefinitely.

Hal_Al

Employee

I agree with fanfare, you can wait til next year to do that. When you do your next 8606, you will enter the correct amount for line 2. That will prompt TurboTax to prepare a statement to explain the correction. This will be submitted as part of your next return. Be sure to keep copies of all those past year form 8606.

I assume you are making non deductible contributions because your income is too high to make a Roth contribution.

I also assume you didn't use Turbotax(TT) in the past, as TT should have entered the correct amount on line 2 of form 8606.

F

fulanimary

Hi,

I have the same problem,and I'm trying to learn how to fill form 8606 correctly.

Please what should the basis be for each year in line 2 for 2012, 2013, 2016?

I'll like to see your corrections,that way I'll know how to correct mine

D

dutax2017

I just noticed TT never updates the total basis and I messed up two years in a row. In 2020, I did convert all to Roth. Does it mean my total basis is now '0'?