Question

Turbo Tax failed to carry over basis for Traditional IRA and now all sequential 8606 submissions are Wrong; how do I fix?

Forum|Forum|2 years ago
January 22, 2024
2 replies
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Turbo Tax failed to carry over basis for Traditional IRA and now all sequential 8606 submissions are wrong; how do I fix?

Thanks 🙂

IRA

AmyC

Employee

You can correct the 8606 for each year. You can fill it out, sign, and mail them in. Here is a link to prior years to assist you. You may be able to use our software by going back into those returns and correcting the 8606. Then print, sign, and mail. I would mail the forms with tracking to ensure safe delivery.

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H

HatchedThatchAuthor

Thanks for the info @AmyC

Do I have to complete a 1040X for those years too??

J

JulieS

Yes, Form 8606 should be attached to Form 1040-X for the years you need to correct, unless you aren't required to file a tax return for that year.

Form 8606 can be filed alone when the taxpayer needs to file a Form 8606, but isn't required to file a 1040.

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M

MOma42

I have the same issue. None of my 8606 info was carried over . So very disappointing that this crucial data is not carried over. It is a nightmare to fix now.

D

DanaB27

As AmyC mentions in above post you can correct the Form 8606 for each year by itself if it doesn't change your tax return. Please see Form 8606 prior years to find the Form 8606 for each year. Be sure to include your address on page 1 of the form and your signature and the date on page 2 of the form, and mail this form to your designated IRS office.

If it does change your return then please see How do I amend my federal tax return for a prior year?

@MOma42

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