Contributed to Nondeductible Traditional IRA but mistakenly reported as Roth IRA contribution

[Rachsam]

2019/01 - 1st time made a $5500 contribution to T-IRA as nondeductible for tax year 2018

2019/02 - did backdoor Roth IRA conversion of $5500.

2019/03 - made a $6000 contribution to T-IRA as nondeductible for tax year 2019

2019/03 - did backdoor Roth IRA conversion of $6000.

Just realize now that in my 2018 return, I mistakenly reported $5500 Roth IRA direct contribution instead of nondeductible T-IRA contribution hence Turbo tax didn't trigger form 8606. 

My 2018 AGI was $115,000 which was under the $120,000 income limitation threshold for that year. Theoretically my 2018 tax return reported as direct Roth IRA contribution is legitimate, but it was not the way I did the contribution in my Fidelity IRA accounts. It is now beyond 3 years timeline of amendment. Anyway to fix this error ? Any consequences for not fixing it ?

Thanks 

[DanaB27 · Accepted solution]

Yes, you can still file a missing Form 8606 for 2018 on a standalone basis, meaning that you can file it without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.

Please see IRS Form 8606

[Rachsam]

Thanks for the reply. I also made mistakes on my 2019, 2020 F8606, mistakenly put balance as total basis (part 1, line 2). I will also amend for those years. My total basis should be zero as I have done backdoor conversion every year. With this, should I request for 2021 extension, wait for IRS to complete the amendment, then file 2021 return ? Or any concern if I go ahead to file 2021 F8606 with zero basis, before the amendments  ?

Thanks

[DanaB27 · Accepted solution]

You can go ahead and file your 2021 return as long as you have sent those amendments. 

If you prefer to file an extension then please see How do I file an IRS extension (Form 4868)