Level 20
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Retirement tax questions


@Nari12 wrote:

Is it required to file 1040X  and send with 8606 form for each year it is missed?

I have the same problem and one of the IRS help on line advise to file 1040X along with 8606 form. 

Thanks for your suggestion

 


A 1040X is only required if you are changing from a deductible or non-deductible contribution or visa-versa that would require either paying additional tax or getting a refund.    Simply reporting a missed 8606 that should have been included with the original tax return does not require a 1040X because you are not amending anything,  you are just supplying an original form that was missed. 

 

And yes, a separate 8606 for the tax year that is was required must be filed for each year.

 

8606 form are only required if:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

 

Past year forms for each here can be downloaded form the IRS site:

https://apps.irs.gov/app/picklist/list/priorFormPublication.html

If none of those occurred, then the last filed 8606 remains in effect