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k1pridex
New Member

I made a non-deductible contribution to my traditional IRA for the 2015 tax year and did not include it in my tax return.

I made a non-deductible contribution to my traditional IRA for the 2015 tax year and did not include it in my tax return. There is no tax impact as it was non-deductible but I would like to keep a record of contribution with IRS. Do I need to amend my tax return or can I simply prepare the form 8606? If so, do I use the form 8606 from the 2015 tax year? And is there a penalty that I would have to pay?
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3 Replies

I made a non-deductible contribution to my traditional IRA for the 2015 tax year and did not include it in my tax return.

Yes, yiu are required to file a 2015 8606 reporting the non-deductible contribution.   There is a $50 penalty for a missed 8606 but don't pay it unless the IRS sends a bill.

 

You can get blank 8606 forms for 2015 here:

 

https://www.irs.gov/pub/irs-prior/f8606--2015.pdf

https://www.irs.gov/pub/irs-prior/i8606--2015.pdf

**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.**
k1pridex
New Member

I made a non-deductible contribution to my traditional IRA for the 2015 tax year and did not include it in my tax return.

Thank you sir! So just a clarification, this isn't considered a tax amendment, correct? So instead of amending the actual tax return from 2015, I would just simply mail in the form 8606 from the 2015 tax year, right? Again, thank you so much for replying. 

I made a non-deductible contribution to my traditional IRA for the 2015 tax year and did not include it in my tax return.

No, you did not reported it incorrectly in order to amend, you did not report it at all so there is nothing to amend - you are not changing anything which is what an amendment does. .  You are simply filing an original form late that should have been part of your 2015 tax return.

**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.**
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