I need to amend 2021 Form 8606 since turbo tax generated it incorrectly. Do I amend my 2021 taxes with no changes,download 1040X and manually fill 8606 separately & mail?

[vikas_217]

In turbotax online I do not see form 8606 and eventhough I go through the IRA contribution section, I have a feeling it will incorrectly report the total basis like previously in amendment as well.

[DavidD66]

Yes, create a Form 1040X with no changes, however, indicate that you are amending in order to file a corrected Form 8606.  You can fill out and print a Form 8606 by going to https://www.irs.gov/pub/irs-pdf/f8606.pdf.

[fanfare]

If no dollar amounts are changing you can leave 1040-X Lines 1-23 EMPTY.

In any case, when filing 1040-X

do not include your old 1040 nor your revised 1040 because the Form 1040-X reflects any changes there and becomes your new tax return.

@vikas_217 

[fanfare]

you should understand why the Form 8606 is wrong (is it ?) before sending a different Form 8606.

No Form 8606 is not the same as wrong Form 8606

if nothing happened this year you won't see form 8606

@vikas_217 

[vikas_217]

@fanfare @DavidD66 Here is my Form 8606 that was generated by turbotax last year. I didn't notice that total basis was set to 0 when it should have been 12K. My understanding is that the entry on line 13 should have been on line 14. While filling my contributions this year turobtax flagged the total basis since it pulled that info from last year and that is when I noticed it.

[DianeW777]

Yes, you are correct.  The total basis in your IRAs for 2021 and earlier should be the full amount your were unable to deduct (nondeductible contributions) should have been on Line 14.

Amending Form 8606 

Generally, after you file your return, you can change a nondeductible contribution to a traditional IRA to a deductible contribution or vice versa if you make the change within the time limit for filing Form 1040-X, Amended U.S. Individual Income Tax Return. If necessary, complete a new Form 8606 showing the revised information and file it with Form 1040-X.

Review all the information in the link before you begin.  As indicated nothing else will change on your return so you should see no entries in column B.

• How to amend (change or correct) a return already filed?

Prepare  your 2022 tax return as though the 2021 tax return was already correct.  Use the steps below for your 2022 8606.

To trigger the 8606 in TurboTax

You can trigger Form 8606 with these instructions:

1. Sign in to your TurboTax account
2. Open your return if it isn't already open
3. Inside TurboTax, search for this exact phrase: IRA Contribution Information
4. Select the Jump to link in the search results
5. Proceed through the IRA section, answering questions as you go
6. Answer Yes when you reach the screen, Any Nondeductible Contributions to Your IRA?
7. Select Continue
8. We'll generate and fill out the 8606 behind the scenes

Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."

• What is Form 8606?

@vikas_217 

[vikas_217]

Do I need to file state tax again? My understanding is that I do not need to send the Form 8606 to state.

[ErnieS0]

No. You do not need to amend a state return if you simply adjusted your nontaxable basis.