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Level 2
posted Feb 18, 2024 7:12:38 PM

Didn't file 8606 in 2020 but did pay taxes on distribution

In 2020 I converted part of a traditional IRA into a Roth IRA. The distribution is shown on line 4b and taxes were paid on the entire distribution, however, form 8606 showing the distribution was converted to a Roth IRA was not attached.  Vanguard did file form 5498 showing the conversion.  Do I need to file a corrected 1040 for 2020?

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1 Best answer
Expert Alumni
Feb 21, 2024 10:59:29 AM

No, you don't need to file the 2020 Form 1040-X since it seems that the taxable part was correctly shown on line 4b.

 

You can file the 2020 Form 8606 by itself.

 

Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.

2 Replies
Expert Alumni
Feb 21, 2024 10:59:29 AM

No, you don't need to file the 2020 Form 1040-X since it seems that the taxable part was correctly shown on line 4b.

 

You can file the 2020 Form 8606 by itself.

 

Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.

Level 2
Feb 21, 2024 4:39:58 PM

Thanks for your help and the links to the needed documents.