Should contributions to a Roth IRA be reported on form 8606?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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i noticed that in prior years form 8606 submissions, i included that years IRA contributions whether a Roth or simply a traditional non-deductible IRA. As a result the cumulative basis reported on form 8606 contains a blend of both. (All of my IRA contributions are not tax deductible). I suspect I need to file amended form 8606 for each year - yes? Do I also need to include a 1040 with my amended 8606?

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DanielV01

Level 15

Contributions to a Roth are not reported on Form 8606. Distributions from a Roth are, as are Conversions to a Roth. Contributions to nondeductible TIRA are reported on Form 8606. You will want to amend prior-year Forms 8606 to show that amounts you may have reported to nondeductible TIRAs were in fact contributions to Roth IRAs, so that you can report the correct basis. (However, if you have already reported these amounts as having been converted, so that you have a nondeductible TIRA basis of zero, an amended return is not necessary). You may go back the number of years you need to for this as it will not affect your refund.

If you amend prior years' Forms 8606, you will need to include Form 1040X with each. However, there are no changes to the original amounts. You will only enter that you have amended for amended Form 8606 attached to the return.

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tnhiker-Author

Level 2

Thank you. Perhaps you can answer a related question. How should a Roth IRA contribution that was subsequently recharacterized as a TIRA contribution be reorted (if at all)on form 8606 ?

If it should be reported on 8606, am i to use the amount of the original Roth contribution, or the recharacterized amoun (they are different) ?

Many thanks!