How can I recover from years of errors in tracking contributions to my and my wife's IRA's?

Forum|Forum|2 years ago
April 9, 2024
1 reply
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I know the current values of our IRA's, but I entered contributions incorrectly on at least 7 or 8 previous tax returns. I would like to somehow bring these values up to date. Is that possible?

TurboTax Online

Best answer by AmyC

You need to correct your form 8606 for all years that are wrong and send them to the IRS. You definitely want to do this sooner than later. I helped one client fix over 30 years when the IRS required it.

Follow the instructions. I would mail with tracking to be sure of the safe arrival of your information. A signature is not required.

To correct your forms, you will need to go to IRS previous year forms and download one for each incorrect year. Use 8606 followed by the year that you need.

About Form 8606, Nondeductible IRAs - Internal Revenue Service

Example: To find the 2022 version of 8606

AmyCAnswer

Employee

Follow the instructions. I would mail with tracking to be sure of the safe arrival of your information. A signature is not required.

To correct your forms, you will need to go to IRS previous year forms and download one for each incorrect year. Use 8606 followed by the year that you need.

About Form 8606, Nondeductible IRAs - Internal Revenue Service

Example: To find the 2022 version of 8606

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mike.wilkesAuthor

Thank you, AmyC, this gives me a place to start. I will have to find a tax consultant to help get the 8606 errors fixed. I am very concerned that I will not be able to come up with the data that this will require.

It appears then that I am going to have to request an extension (more time) to get this straightened out. No doubt any 2023 return that I file would have to be amended afterward. Not sure, then, what to estimate for my tax payment (it seemed that I would be getting a refund, until I began to notice the IRA contributions discrepancies in past returns).