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mikejunk1
Returning Member

2022 form 8606 was completed incorrectly with a very high figure that also impacts 2023, 2024 filings

For 2022 taxes I input a wrong (quite high) figure on form 8606, line 2, also impacting 2023 & 2024.  I can't figure out how to do the amend thru the software. I have completed individual corrected 8606 forms for each year. How do I create a 1040X for each year with the correct taxable Income information, as it has been understated for the last 3 years? Does this all need to be done manually by handwriting a1040X for each tax year using the previously calculated figures in Turbo Tax, and adjusting the "taxable income" line?

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3 Replies

2022 form 8606 was completed incorrectly with a very high figure that also impacts 2023, 2024 filings

The Forms will give you your new taxable amount but you probably need the software to calculate the new tax according to the method used, as indicated on line 6.

OR

over-estimate the tax. IRS computers will correct your miscalculation and refund the difference.

 

@mikejunk1 

Reply back if you need info how to file 1040-X on paper.

2022 form 8606 was completed incorrectly with a very high figure that also impacts 2023, 2024 filings

Turbotax desktop software will generate a complete amendment for prior years that you can then mail in.

You must start with a TurboTax file of the originally filed tax return.

 

@mikejunk1 

 

 

mikejunk1
Returning Member

2022 form 8606 was completed incorrectly with a very high figure that also impacts 2023, 2024 filings

Thank You fanfare!
I was able to access the Amend section and I entered the correct $ amount for Line 2 on the 2022 Form 8606. 
However, the software did not recalculate ANYTHING based on my new entry. 
In addition, the incorrect figure from my original submission, showed up on the 8606 again (as though I never changed anything) as I was previewing the data to look for the appropriate changes. 
Not sure where to go from here.. Any input would be appreciated !

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