I entered $0 for line 2 "Enter your total basis in traditional IRAs" on each Form 8606 since 2010. Do I need to filed corrected 8606 forms for each year?

[koppelmans]

My cumulative basis shown in Form 8606 for 2017 is now incorrect since it doesn't include all prior years.

[koppelmans]

All my IRAs have been non-deductible - which can be verified on the 1040 forms.  Not sure why Turbo Tax did not track that for me on the Form 8606!

[Anonymous · Accepted solution]

did you deduct the IRA's in each of the prior years. if yes basis is $0.   if you took as non-deductible TT should have tracked basis. 

Here's what the IRS has to say about it:

Although Form 8606 is normally submitted with a timely-filed Form 1040, the IRS will process a late-filed Form 8606—even one that is filed after the normal three-year statute of limitations for claiming a refund has expired. The Form 8606 can be submitted without a Form 1040 or a Form 1040X.

The Penalty for Late Filing 

The penalty for filing Form 8606 late is $50 for missing forms up through the 2017 tax year. The IRS sometimes waives this penalty if you can show reasonable cause for the delay. 

Note: Tax laws change periodically and the above information may not reflect the most recent changes. Please consult with a tax professional for the most up-to-date advice. The information contained in this article is not intended as tax advice and it is not a substitute for tax advice.

[dmills121]

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[dmills121]

@Anonymous 

Hello, 

Can you point me to the IRS website or to the tax code where it talks about filing an 8606 independent of a tax return and paying a $50 penalty. 

Thanks!  

[fanfare]

On this forum the suggestion is to file the corrected 8606 by itself for each year you missed or did it wrong.

Alternatively you can file form 1040X to add or correct information (8606)  for that year. 

if you have many years to correct , then  the first suggestion is preferable because 1040X will add two orders of magnitude of complication to your filing problems.