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trung_tran_az
Returning Member

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

 
6 Replies
MaryK1101
Expert Alumni

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

You do not have to file a Form 8606, but you do need to keep the information for future entries.

 

File Form 8606 if any of the following apply.

  • You made nondeductible contributions to a traditional IRA for 2020, including a repayment of a qualified disaster or reservist distribution.

  • You received distributions from a traditional, SEP, or SIMPLE IRA in 2020 and your basis in these IRAs is more than zero. For this purpose, a distribution doesn’t include a distribution that is rolled over (other than a repayment of a qualified disaster distribution (see 2020 Forms 8915-C, 8915-D, and 8915-E)), qualified charitable distribution, one-time distribution to fund an HSA, conversion, recharacterization, or return of certain contributions.

  • You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2020 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.

  • You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2020.

  • You received distributions from a Roth IRA in 2020 (other than a rollover, recharacterization, or return of certain contributions—see the instructions for Part III, later).

  • You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution. You may need to file more than one Form 8606. See IRA with basis under What if You Inherit an IRA? in Pub. 590-B for more information.

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macuser_22
Level 15

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

What is your question? 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
trung_tran_az
Returning Member

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

Since I didn't report any of the amount from the previous year's 8606 to the following year return, I want to know how to correct the mistake now.  Do I need to file an amend for each of those years?

trung_tran_az
Returning Member

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

Sorry, I didn't realize that my original question was truncated.  So, here it was:

I had non-deductible IRA contributions (from forms 8606) in 2017, 2018 & 2019. However, I did not report any of the amounts on each of the following years. How can I correct/fix it this year?

macuser_22
Level 15

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

 


@trung_tran_az wrote:


I had non-deductible IRA contributions (from forms 8606) in 2017, 2018 & 2019. However, I did not report any of the amounts on each of the following years. How can I correct/fix it this year?


The only following year is 2020.  Do you mean that you made a nondeductible 2020 contribution and did  not report it on your 2020 return?    Did you file yet?   Was it reported as a deductible contribution?

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
trung_tran_az
Returning Member

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

No, I have not filed 2020 return.  I've been working on the return for 2020 and realize that I didn't do it correctly in previous years (2018 and 2019).  For 2020, I plan to make only deductible contribution right when I'm ready to file.  Can I still correct the mistakes for 2018 and 2019 returns?  If so, how?  Or, can I correct everything on 2020 return?

Thanks.

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