I recently submitted Form 8606 for several past tax years. BUT after mailing the forms, further research indicated that the contributions for those years to my Traditional IRA was indeed deductible.
How do I inform the IRS to "tear up" those erroneous Form 8606 forms?
Or should I just be sure my basis on any future 8606 forms is correct, though it will differ from the figure on the erroneous forms?
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You should complete new forms and write "Corrected" on the top and submit them to the IRS along with a cover letter explaining that they are corrected. Also, submit a copy of the original forms but mark each page as "Original."
I recently submitted Form 8606 for several past tax years. BUT after mailing the forms, further research indicated that the contributions for those years to my Traditional IRA was indeed deductible.
did you in fact deduct the IRA contributions but indicate they were nondeductible on the form?
then file corrected 8606 for each year with a letter of explanantion.
if you treated them as nondeductible then the 8606 is probably correct. so if you want to treat them as deductible you would need to amend open years. can change closed years (2017 and prior)
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