I made non-deductible contributions to a new Traditional IRA account in 2017, but did not realize I had to submit a form 8606. I am filling out the 2017 form 8606 to file now (late). Should I check the box that says 'If this is amended return, check here'? Should I include any other forms with the 2017 8606 or can it be sent by itself? Do I include the penalty payment (check) with the form?
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You must amend if you are changing from deductible to non0-deductible to remove the deduction. Otherwise if nothing else would change, there is no need to amend.
There is a $50 penalty, but the IRS often waives that and will bill you if they do not.
"Penalty for Not Filing
If you are required to file Form 8606 to report a nondeductible contribution to a traditional IRA for 2017, but don’t do so, you must pay a $50 penalty, unless you can show reasonable cause." Just request a waiver of the penalty.
https://www.irs.gov/pub/irs-prior/f8606--2017.pdf
https://www.irs.gov/pub/irs-prior/i8606--2017.pdf
You must amend if you are changing from deductible to non0-deductible to remove the deduction. Otherwise if nothing else would change, there is no need to amend.
There is a $50 penalty, but the IRS often waives that and will bill you if they do not.
"Penalty for Not Filing
If you are required to file Form 8606 to report a nondeductible contribution to a traditional IRA for 2017, but don’t do so, you must pay a $50 penalty, unless you can show reasonable cause." Just request a waiver of the penalty.
https://www.irs.gov/pub/irs-prior/f8606--2017.pdf
https://www.irs.gov/pub/irs-prior/i8606--2017.pdf
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