@cfauver wrote:
I failed to file Form 8606 for a few of the past years including 2020. Is the $50 penalty due for every year, even as recent as 2020 or only 3+ tax years, eg 2018 and before?
And does the IRS require that the penalty check be included when mailing the forgotten Form 8606 forms?
Lastly, can you confirm the address to mail the Form 8606 is the same address I use for mailing my 1040?
You need to mail th IRS the missing 8606 form for each year that was missed. You only need to file a 8606 if the basis changed because of a new non-deductible contribution or you had an IRA distribution, otherwise the last filed 8606 remains in effect.
I do NOT recommend including the $50 penalty, instead include a letter explaining the reason for the missed 8606 forms and ask that the penalty be waived. It would be very unusual for the penalty not being waived but if they don't then they will bill you. Once you pay it is nearly impossible to get your money back even if they do waive the penalty.
Prior year 8606 forms can be found here:
https://apps.irs.gov/app/picklist/list/priorFormPublication.html
**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.**
