topic Re: Form 8606 Error in Get your taxes done using TurboTax

Form 8606 Error

beigel01 — Sat, 15 Feb 2020 20:00:27 GMT

I have filed Form 8606 for tax years 2016, 2017, and 2018. Each of those years has been super simple, just stating in lines 1/3/14 the total that was non-deductible for that year and that year alone.
However, I think my mistake is that I should have had a running total.
My lines 1/3/4 were as follows for each year:
2016 $920

2017 $5500

2018 $5500

I *think* 2017 should have had $920 in line 2 (and lines 3 and 14 as $6420)
And 2018 should have had $6420 in line 2 (and lines 3 and 14 as $11920)

I have taken no distributions/withdrawals or done any conversions.

Do I need to refile Form 8606 for years 2017 and 2018 or can I just fix it when I do my filing for 2019?

Edit:
Some additional info...
I just did my 2019 taxes and while TurboTax did ask me about my previous year's nondeductible IRA contributions and made me give explanations for the discrepancy that it saw, because my IRA contribution this year was completely deductible, TurboTax did not generate a Form 8606. It only generated a "blank form" (yes, that's what it's titled) with the explanations of the discrepancy.

Re: Form 8606 Error

fanfare — Sat, 15 Feb 2020 21:06:16 GMT

well an explanation for a form not included isn't very helpful...

file separately corrected forms for 2017 and 2018, you don't need a form for 2019. delete the explanation.

In my opinion, use form 1040X, but others will tell you to just mail the form alone.

Re: Form 8606 Error

beigel01 — Mon, 17 Feb 2020 19:36:04 GMT

When Turbotax asked me if I wanted to make any of the 2019 contribution non-deductible, I said no, because that's normally what I'd answer. So then I had this idea of making $1 non-deductible to force the creation of Form 8606 (so then the explanation sheet would make more sense). This worked.
So $5999 of my 2019 contribution is deductible and I get the tax benefit from that. $1 of 2019 is not, so Form 8606 is generated which then gives me the ability to correct that line 2 where you keep the running total and the explanation sheet of why it differs from previous years.

Does this seem good enough?