I believe the time limit to file an amended return for a refund is three years. What is the time limit to file an amended return if I will owe additional taxes?

[reeldeal]

I just found a problem with my IRA basis that will affect the nontaxed portion of my RMD.  However, the first year this will change is 2018 and it is more than 3 years ago.  This error carries forward to each subsequent return.  Can I just make the corrections on an amended 2019 return?

[fanfare]

there is no relief timeout on sending the amount you owe to IRS.

@reeldeal 

Your only hope is to not be audited.

you won't be audited after seven years go by unless fraud is suspected.

IRS has promised the Secretary of Treasury they're only going after the big guys now,

big being over $400,000 income.

[JohnW152 · Accepted solution]

As fanfare indicates, there's no time limit to amend a return when you owe taxes.  As you say, the general three-year limit is for refund returns.

You'd need to amend each year affected.

And, as relates to potential audits, fanfare is right on target again.  According to How far back can the IRS go to audit my return? on the IRS' IRS Audits page:

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years.

@reeldeal 

[fanfare]

if your prior years basis  was reported incorrectly,

a correction on 2018 return will propagate and impact any subsequent year that required filing Form 8606.

@reeldeal 

[reeldeal]

Thank you.  I expected that this was required, but thought I'd check before starting on amended returns for four prior years.  Cheers.

[reeldeal]

Thank you for the help with this.  I've finished the 2018 amended return with the exception of writing the check.  Then, only three more to go before I can finish my 2022 returns.  Cheers.