topic I had non-deductible IRA contributions (from 8606s) in 2017, 2018 in Retirement tax questions

I had non-deductible IRA contributions (from 8606s) in 2017, 2018

trung_tran_az — Tue, 23 Mar 2021 21:23:19 GMT

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

MaryK4 — Tue, 23 Mar 2021 21:41:22 GMT

You do not have to file a Form 8606, but you do need to keep the information for future entries.

File Form 8606 if any of the following apply.

You made nondeductible contributions to a traditional IRA for 2020, including a repayment of a qualified disaster or reservist distribution.
You received distributions from a traditional, SEP, or SIMPLE IRA in 2020 and your basis in these IRAs is more than zero. For this purpose, a distribution doesn’t include a distribution that is rolled over (other than a repayment of a qualified disaster distribution (see 2020 Forms 8915-C, 8915-D, and 8915-E)), qualified charitable distribution, one-time distribution to fund an HSA, conversion, recharacterization, or return of certain contributions.
You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2020 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.
You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2020.
You received distributions from a Roth IRA in 2020 (other than a rollover, recharacterization, or return of certain contributions—see the instructions for Part III, later).
You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution. You may need to file more than one Form 8606. See IRA with basis under What if You Inherit an IRA? in Pub. 590-B for more information.

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

macuser_22 — Tue, 23 Mar 2021 21:43:20 GMT

What is your question?

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

trung_tran_az — Tue, 23 Mar 2021 21:48:18 GMT

Since I didn't report any of the amount from the previous year's 8606 to the following year return, I want to know how to correct the mistake now. Do I need to file an amend for each of those years?

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

trung_tran_az — Tue, 23 Mar 2021 21:51:00 GMT

Sorry, I didn't realize that my original question was truncated. So, here it was:

I had non-deductible IRA contributions (from forms 8606) in 2017, 2018 & 2019. However, I did not report any of the amounts on each of the following years. How can I correct/fix it this year?

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

macuser_22 — Tue, 23 Mar 2021 21:59:42 GMT

@trung_tran_az wrote:

I had non-deductible IRA contributions (from forms 8606) in 2017, 2018 & 2019. However, I did not report any of the amounts on each of the following years. How can I correct/fix it this year?

The only following year is 2020. Do you mean that you made a nondeductible 2020 contribution and did not report it on your 2020 return? Did you file yet? Was it reported as a deductible contribution?

Re: I had non-deductible IRA contributions (from 8606s) in 2017, 2018

trung_tran_az — Tue, 23 Mar 2021 22:10:31 GMT

No, I have not filed 2020 return. I've been working on the return for 2020 and realize that I didn't do it correctly in previous years (2018 and 2019). For 2020, I plan to make only deductible contribution right when I'm ready to file. Can I still correct the mistakes for 2018 and 2019 returns? If so, how? Or, can I correct everything on 2020 return?

Thanks.