Re: I neglected to file my non deductible IRA cont...
Level 15

Retirement tax questions


@AG2020 wrote:

Hi,

I read through the conversation but not clear for my situation so hoping somebody can help!

 

Made non-deductible contribution to traditional IRA for tax year 2011. Since then no distribution , no additional non-deductible contributions and no Roth conversions. At the time CPA forgot to file 8606. I do my own taxes now via Turbotax.  What do I need to do now? Is it necessary to file 8606 for 2011?

 

Thanks!


Yes.   Without a 8606 you will loose the ability to be able to use the 2011 non -deductible contribution to help offset tax liability.

 

You can download the 2011 8606 here:

 

https://www.irs.gov/pub/irs-prior/f8606--2011.pdf

https://www.irs.gov/pub/irs-prior/i8606--2011.pdf

 

You  can attach a request to waive the $50 penalty for failing to file the 8606 when due.

 

**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.**
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