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Retirement tax questions
I just thought of a nuance that may obviate the need to amend the erroneous or missing Forms 8606 from past years. When I filed 2022, I brought the basis up-to-date on the 2022 Form 8606. In other words, I went back to the first year of non-deductible contributions, pulled copies of every Form 5498, and calculated the correct basis that should have been entered each year, such that when I arrived at 2022, the basis is now correct. Now that the basis is correct (and should be for every year going forward), would I still need to amend all the prior years 8606s, or is the correct basis on 2022 sufficient? Or does this likely trigger some kind of letter from IRS to explain how I got here? Thanks!
May 3, 2023
8:01 PM