If you contributed 2023 traditional ira in March 2024, would sending the 8606 form now consider as late? Is $50 only fee you would be charged? I see on internet that the post tax contribution could be also taxed based income tax. Is this correct?
When you mention, “a statement” does it mean explaining why it was late?
To summarize, I would have to send 8606 Form, 1040 Form and a statement explaining the reason of lateness. Is this correct understanding?
Thank you
