@ganymededl wrote:
Thanks much for the quick reply, Critter-3.
btw, since I filed the 1040 in March, made the TIRA in April & am now filing the 8606, how do I know if the $50 penalty applies? the amendment statement says you have up to 3 years (https://ttlc.intuit.com/community/after-you-file/discussion/amend-8606-filing-instructions/00/195232...) but this is not an amendment. How does one know ?
You are NOT amending anything if you are simply reporting a non-deductible contribution made in April after you filed.. You are simply filing an ORIGINAL 8606 for the contribution made after you filed.
Simply attach a statement to the mailed 8606 form saying that you are reporting non-deductible contribution made by the due date of the tax return but after you filed so the 8606 was not included in your original tax return. There will not be any penalty.
**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.**
