Mistake with form 8606 in 2011

Forum|Forum|5 years ago
April 6, 2021
6 replies
12 views

Hi- I am going through old returns and noticed that I screwed up in 2011. I submitted $714 as a NON-deductible contribution on my 2011 return; however, it was supposed to be a deductible contribution on 2010's return. This means that my 2010 deductible contributions will show as $714 short (I deducted the fully allowable $5,000 but because of the $714 screw up the reality is I only contributed $4,286).

So, 2010 for all intents and purposes would be correct if I can cancel the 2011 form 8086.

My question is, can I even do this 11 years later AND is it worth it to do so? Thank you.

Not A Product Question

KrisD15

Level 15

No, from your description, you will not have any additional tax liability so you do not need to amend in order to pay extra tax.

You passed the point in time to file for a refund.

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sunsetcity67Author

Level 2

Thank you. But to be clear, are you saying there isn't a tax liability for stating I have contributed $5,000 in a deductible IRA if I only actually contributed $4,286?

And when you say too late for a refund, what are you seeing that would indicate eligibility for (the extra deduction on the $714 that now sits in 2011?)

DavidD66

Level 15

Your statements are unclear as to how much you actually contributed and how much you took as a deduction in 2011. Regardless, it was a minor misstatement from 10 years ago. I would ignore it and move on.

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