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Level 1
posted Feb 26, 2020 2:53:46 PM

I forgot to file 8606 for non deductible IRA in 2017 and 2018 , in order to correct do we need to file amendment 1040X for 17 & 18 or can we file 8606 without amendment..

my contributions are simple , and no tax deduction taken in 2017 and 2018 .. so 8086 is just for recording purpose

0 3 1104
3 Replies
Expert Alumni
Feb 26, 2020 3:13:01 PM

You do not need to file an amended return in order to file a Form 8606.  Form 8606 can be filed by itself or with a tax return.  The forms are available at IRS.gov.

Level 1
Feb 27, 2020 8:25:43 AM

Thank you for your response David,really appreciated!

 

Q1) Can i use turbo tax to file prior year 2017,2018 "8606" and file electronically or i need to file through mail only

 

Q2) Do i also need to pay 50$ penalty/form, or an explanation letter is fine.

 

Expert Alumni
Feb 27, 2020 11:54:28 AM

You will need to file 2017 and 2018 amended returns that will include forms 8606 in each return.  These will need to be printed and mailed.  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. Include an explanation letter along with the rest of the printed paperwork.