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newb54
Level 1

I did nondeductible IRA contribution to 2019 after I filed tax returns. Can I mention this while filing 2020 returns or should I need to file an amendment to 2019 returns?

In 2020, I did nondeductible IRA contribution to 2019 after I filed my 2019 tax returns. I also did nondeductible IRA contribution to 2020. I then converted my traditional IRA to Roth IRA.

 

Since I did 2019 IRA contribution after I filed 2019 tax returns, there was no form 8606 filed with 2019 tax returns.

 

Is there a way to mention 2019 contribution while filing 2020 returns or do I need to file an amendment to 2019 returns or a standalone 2019 8606?

 

Thanks in advance.

1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

I did nondeductible IRA contribution to 2019 after I filed tax returns. Can I mention this while filing 2020 returns or should I need to file an amendment to 2019 returns?

 Please see this answer from IsabellaG.

 

You can file delinquent Forms 8606, even as far back as 1995, on a standalone basis, meaning that you can file them without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.

File these delinquent forms separately from your tax return.

 

See this IRS link regarding Form 8606 and see this information for suggestions regarding “reasonable cause.”

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1 Reply
ColeenD3
Expert Alumni

I did nondeductible IRA contribution to 2019 after I filed tax returns. Can I mention this while filing 2020 returns or should I need to file an amendment to 2019 returns?

 Please see this answer from IsabellaG.

 

You can file delinquent Forms 8606, even as far back as 1995, on a standalone basis, meaning that you can file them without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.

File these delinquent forms separately from your tax return.

 

See this IRS link regarding Form 8606 and see this information for suggestions regarding “reasonable cause.”

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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