@Spanky wrote:
I am confused by the responses - does the amendment (1040x) need to be filed or can the Form 8606 be filed on it's own for tax year 2019. I have pretty much the same situation - I have filed Form 8606 every year since 2009, but for some reason forgot to report my non-deductible contributions to my Traditional IRA in 2019 (I think because I opened a new Roth IRA in 2019 and reported those contributions, which is another story because I ended up with an excess contribution = $1,485 contributed to my traditional IRA). I know I need to report the $1,485 non-deductible contributions made in 2019, but not sure if that is via a full-out amendment of my 2019 1040 or if I can just file a 2019 Form 8606 on it's own. After that I need to deal with removing the excess contributions for 2019. Thank you.
Usually I advise to just mail the 8606 if nothing else changed that would required a 1040X, but recently many IRS examiners have sent letters wanting the 1040X just to verify that nothing else really changed. Just to be same I would attach the 8606 to a 1040X form, but if you had a 2019 excess you will need a 1040X anyway.
If you had a 2019 excess contribution that was not removed until 2020 then you will need a 1040X and 5329 to report that anyway and pay the 6% penalty.
You also will have a separate 2020 6% penalty and need a 2020 5329 if not removed before December 31, 2020.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
