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New Member
posted Jun 6, 2019 9:45:28 AM

How do I correct failure to file f8606 for multiple years in 35 year period? a) contact IRS local office b) amend prior returns as far back as 1982

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1 Best answer
New Member
Jun 6, 2019 9:45:29 AM

No need to amend your returns. You can file form 8606 by itself, without the 1040X. 

File a separate 8606 for each year that you made a non deductible contribution. The IRS can charge a $50 penalty for filing it late. Include a cover letter with your 8606s explaining why you are filing late and asking for a waiver of the penalty. 

You can find prior year form 8606s here: 


https://www.1040.com/tax-tools/forms-publications/

9 Replies
New Member
Jun 6, 2019 9:45:29 AM

No need to amend your returns. You can file form 8606 by itself, without the 1040X. 

File a separate 8606 for each year that you made a non deductible contribution. The IRS can charge a $50 penalty for filing it late. Include a cover letter with your 8606s explaining why you are filing late and asking for a waiver of the penalty. 

You can find prior year form 8606s here: 


https://www.1040.com/tax-tools/forms-publications/

New Member
Jun 6, 2019 9:45:30 AM

The link for prior year form 8606s only goes back to the year 2000.  What do I do about the forms for the years 1982 through 1999?

New Member
Jun 6, 2019 9:45:32 AM
New Member
Jun 6, 2019 9:45:32 AM

That's great.  The list goes back to 1987.  Still need 1984 and 1986.  What do you suggest?

New Member
Jun 6, 2019 9:45:33 AM

Removed

Level 15
Jun 6, 2019 9:45:34 AM

You *cannot* file any forms 1099-R for years prior to 1987 because nondeductible contributions were not permitted prior to 1987.  Your 1984, 1985 and 1986  contributions were deductible.  If you failed to take the deduction on your tax returns for 1984, 1985 and 1986, that's simply your loss; it's 30 years too late to do anything about those years now.

New Member
Jun 6, 2019 9:45:35 AM

Thank you so much for that clarification.  Do you think if I request a waiver of the penalty since I have proactively tried to correct the errors, that they will waive the $50 / year penalty?

Level 15
Jun 6, 2019 9:45:37 AM

I've heard of cases going either way.  Sometimes the IRS does not charge the penalty, sometimes they do.  I wouldn't be surprised in this case if they charge the penalty, at least for tax years prior to 2014 (closed tax years), to cover the cost of reviewing your past Forms 5498 for confirmation that you made regular traditional IRA contributions and your past tax returns to see that you claimed no IRA deductions for these contributions.

New Member
Jun 6, 2019 9:45:38 AM

OK, thanks.  Better to be prepared than have vain hopes!