@crazyRoth333 wrote:
Thank you a million. That resolved it.
That said, I do have one last question about filing 8606 for 2019. Do I need to send in a 1040x along with the additional 8606? If so, do I use turbotax to generate 8606? What should be in this 1040?
(In the past, Turborbox generated an incorrect 1040x in the past which triggered a whole lot of taxbill. So i'm really afraid of dealing with 1040x).
Yes. You just enter the 2019 IRA contribution.
IRA contribution
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),,
Retirement & Investments,
Traditional & Roth IRA contribution.
Be SURE to answer the follow up that the are choosing to make this contribution NON-DEDUCTIBLE - if that screen comes up. (DO NOT say that you moved (recharacterized) the money to a Roth) – this is not a recharactorazition.)
That will add the 8606 with the $6,000 on line 1, 3 & 14.
Say the reason for amending is to add the IRA contribution that was nit filed properly on the original tax return.
Mail the 1040X and 8606 to the IRS.
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2019 and earlier can only be amended with TurboTax using the CD/download version installed on a PC or Mac computer.
2019 amended Federal returns can either be e-filed or mailed. 2018 and earlier amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS or state receives it.
See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
-- Amended returns can only be mailed - allow 8-12 weeks - can take up to 16 weeks (4 months) for processing.
You can check the status of the amended return here, but allow 3 weeks after mailing.
https://www.irs.gov/filing/wheres-my-amended-return
**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.**
