Hello - I have already filed my 2021 taxes and I entered my IRA contributions in the wrong category. I thought they were IRA Non-Deductible with Form 8606.
Noticed after the fact that the account is (and has always been) a Roth IRA account.
Do I need to amend my tax return, or can I correct next year?
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If you filed a non-deductible contribution TurboTax filed a Form 8606 to show that.
The Form 8606 is incorrect.
You have to amend to send in a corrected Form 8606.
Yes, as fanfare mentioned you will have to an amended return (1040X) to correct Form 8606. But please wait until your refund or payment is processed. Please be aware that you can e-file your 2021 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see How to amend a tax return for instructions.
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