How do I fix an incorrect non-deductible IRA basis reported in several years?

[lbravo]

Facts:

- My wife and I each made our first non-deductible IRA contribution in 2010 and reported correctly in Form 8606 for that year.

- We did not make any non-deductible IRA contributions from 2011 through 2019.

- In 2011, I submitted a blank Form 8606 (and thus, zero basis for non-deductible IRA contributions), but no Form 8606 for my wife.

- No Form 8606s were submitted for either me or my wife for 2012 to 2019.

- In 2020, both of us made a second non-deductible IRA contribution and filed Form 8606, but forgot to include the contribution made in 2010 in the basis.

Question:  Do we need to submit an amendment for every single year since 2011 or can we simply show the corrected prior year tax basis in our 2021 tax return?

Thank you.

[MaryK4 · Accepted solution]

You will only have to file an 8606 for the years that you made nondeductible contributions.  You will have to get the correct year forms from the IRS website.  (All Form 8606 Revisions )  You can sign and send the 8606 alone.

[lbravo]

Thank you, MaryK1101.  Just to clarify, since I filed Form 8606 for 2020 already, do I need to file a Form 1040X to amend it or can I file Form 8606 by itself?

[FangxiaL · Accepted solution]

Form 8606 can be filed by itself if there is no other reason to amend your 2020 tax return. 

@lbravo