Before you amend, double check your Form 8606 to see if there is a cost basis listed on Line 14. Review the three actions below to decide if you need to do any of them for 2022.
- If this cost basis occurred in a year earlier than 2022, and it was simply not entered on the 2022 return, and assuming there were no nondeductible contributions actually made in 2022, then an amendment is not necessary.
- If you should have filed one with your return in 2022, but failed to do so, or did not complete it correctly, you can file Form 8606 as a stand alone form. It is a signature form and can be filed alone. This eliminates a need to amend the entire tax return.
- If your Form 8606 was filed in 2022 and it is correct, simply use the information to complete 2023.
A Form 8606 is not always required, specifically, in a year when there were no nondeductible contributions or any withdrawals. The suggestion is to file it every year so that your cost basis is not lost but always current so that you can find it easily.
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