- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Yes, @fanfare thank you and I understand. I was essentially asking about the Form 8606 filing and amendment requirements in a case of an excessive contribution (discovered years later to be excessive) that was not deducted on my original 2021 return, where the original return didn't include a Form 8606 for some reason (probably my error).
The drift of the answers I'm getting seems to be, hey, don't amend Forms 8606 to "follow the cash" as it flows in and then out of your IRA ... the best thing to do with your Forms 8606 is to make sure that they're filed, so the basis amount is officially on record, and, moreover, keep those Forms accurate (amending prior year Forms 8606 if they show a basis amount that is off based on later discovery) so that all your Forms 8606 show the correct IRA basis and IRA basis carryforward amounts as you know them to be. Does that make sense?