Turbo Tax failed to carry over basis for Traditional IRA and now all sequential 8606 submissions are Wrong; how do I fix?

[HatchedThatch]

Turbo Tax failed to carry over basis for Traditional IRA and now all sequential 8606 submissions are wrong; how do I fix?

Thanks 🙂

[AmyC]

You can correct the 8606 for each year. You can fill it out, sign, and mail them in. Here is a link to prior years to assist you. You may be able to use our software by going back into those returns and correcting the 8606.  Then print, sign, and mail. I would mail the forms with tracking to ensure safe delivery.

[HatchedThatch]

Thanks for the info @AmyC

Do I have to complete a 1040X for those years too??

[JulieS]

Yes, Form 8606 should be attached to Form 1040-X for the years you need to correct, unless you aren't required to file a tax return for that year. 

Form 8606 can be filed alone when the taxpayer needs to file a Form 8606, but isn't required to file a 1040. 

[HatchedThatch]

@JulieS or @AmyC 

Can I leave Lines 1-23 BLANK on the 1040X and just do Part III EXPLANATION??

[fanfare]

When you are not changing any dollar amounts on your amended tax return, you can leave all the lines 1-23 EMPTY.

If you took a deduction for IRA contribution and now it is not-deductible, that would not be the case.

@HatchedThatch 

[fanfare]

when filing multiple years, mail each one separately.

you may want to stagger them in order about a week apart.

There are about a million 1040-X forms ahead of you.

@HatchedThatch 

[HatchedThatch]

@fanfare 

Thanks for the advice. I definitely was going to mail them separately but didn't think about time interval between mailings :).

A week it is!

[MOma42]

I have the same issue. None of my 8606 info was carried over . So very disappointing that this crucial data is not carried over. It is a nightmare to fix now. 

[DanaB27]

As AmyC mentions in above post you can correct the Form 8606 for each year by itself if it doesn't change your tax return. Please see Form 8606 prior years to find the Form 8606 for each year. Be sure to include your address on page 1 of the form and your signature and the date on page 2 of the form, and mail this form to your designated IRS office.  

If it does change your return then please see How do I amend my federal tax return for a prior year?

@MOma42