topic Re: The links that macuser_22 provided are for the 2016 Form... in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106 <P><LI-USER uid="1096442"></LI-USER>&nbsp; - Start with the first year that there was a non deductible contribution and fill out a 8606 form for THAT year with the non-deductible contribution on line 1.&nbsp;&nbsp; The amount on line 14 will carry to line 2 of the next years 8606 and will be added to that years line 1 contribution.&nbsp;&nbsp; Repeat for each year that there was a non-deductible contribution until current.</P> <P>&nbsp;</P> <P>You can download past years 8606 forms (and instructions) from the IRS here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find</A></P> <P>&nbsp;</P> <P>Mail the 8606 forms to the IRS:</P> <P><A href="https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040" target="_blank">https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040</A></P> Sat, 15 Feb 2020 16:22:21 GMT macuser_22 2020-02-15T16:22:21Z I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there-anything/01/66653#M3408 <P> </P><P> </P><P> In December 2016 we took our first ever IRA distributions. While preparing our tax forms for 2016 I reviewed&nbsp; the non deductible contributions we both made to our individual IRA accounts over the years.</P><P>I was shocked to find&nbsp; the last 8606 I filed was in 1994, and have not filed any since then although&nbsp;we have made non deductible contributions between 1997 and</P><P> </P><P> 2010. </P><P>Is there anything I can do to correct this? Didn’t the IRS get 5498’s from the IRA custodians during these years?</P><P> </P> Sat, 01 Jun 2019 02:05:49 GMT https://ttlc.intuit.com/community/retirement/discussion/i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there-anything/01/66653#M3408 forologia 2019-06-01T02:05:49Z You can file delinquent Forms 8606, even as far back as 1... https://ttlc.intuit.com/community/retirement/discussion/you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/66662#M3411 <P>You can file delinquent Forms 8606, <A href="http://www.unclefed.com/IRS-Forms/1995-1991/Y9563966.PDF" rel="nofollow" target="_blank">even as far back as 1995</A>, on a standalone basis, meaning that you can file them without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.</P><P>File these delinquent forms separately from your tax return.</P><P>See this <A href="https://www.irs.gov/instructions/i8606/ch01.html" rel="nofollow" target="_blank">IRS link regarding Form 8606</A> and see this information for suggestions regarding <A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-reasonable-cause" rel="nofollow" target="_blank">“reasonable cause.”</A> </P><P>&nbsp;</P><P> </P><P>&nbsp;</P> Sat, 01 Jun 2019 02:05:51 GMT https://ttlc.intuit.com/community/retirement/discussion/you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/66662#M3411 IsabellaG 2019-06-01T02:05:51Z Link to 8606 form  <a rel="nofollow" target="_blank" href... https://ttlc.intuit.com/community/retirement/discussion/link-to-8606-form-a-rel-nofollow-target-blank-href/01/66670#M3414 Link to 8606 form&nbsp;&nbsp;&lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/pub/irs-pdf/f8606.pdf&quot;&gt;https://www.irs.gov/pub/irs-pdf/f8606.pdf&lt;/a" target="_blank">https://www.irs.gov/pub/irs-pdf/f8606.pdf"&gt;https://www.irs.gov/pub/irs-pdf/f8606.pdf&lt;/a</A>&gt;<BR />Link to 8606 instructions &lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/pub/irs-pdf/i8606.pdf&quot;&gt;https://www.irs.gov/pub/irs-pdf/i8606.pdf&lt;/a" target="_blank">https://www.irs.gov/pub/irs-pdf/i8606.pdf"&gt;https://www.irs.gov/pub/irs-pdf/i8606.pdf&lt;/a</A>&gt; Sat, 01 Jun 2019 02:05:53 GMT https://ttlc.intuit.com/community/retirement/discussion/link-to-8606-form-a-rel-nofollow-target-blank-href/01/66670#M3414 macuser_22 2019-06-01T02:05:53Z The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/the-links-that-macuser-22-provided-are-for-the-2016-form/01/66674#M3416 The links that macuser_22 provided are for the 2016 Form 8606.&nbsp;&nbsp;You actually need to use the correct year's&nbsp;&nbsp;Form 8606 for each year that you are reporting late.&nbsp;&nbsp;Search for 8606 on the IRS website for a list of each prior year's Form 5329 and instructions:<BR /><BR />&lt;a rel="nofollow" target="_blank" href="<A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html&quot;&gt;https://apps.irs.gov/app/picklist/list/priorFormPublication.html&lt;/a" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html"&gt;https://apps.irs.gov/app/picklist/list/priorFormPublication.html&lt;/a</A>&gt; Sat, 01 Jun 2019 02:05:55 GMT https://ttlc.intuit.com/community/retirement/discussion/the-links-that-macuser-22-provided-are-for-the-2016-form/01/66674#M3416 dmertz 2019-06-01T02:05:55Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830611#M75690 <P>Is it required to file 1040X&nbsp; and send with 8606 form for each year it is missed?</P><P>I have the same problem and one of the IRS help on line advise to file 1040X along with 8606 form.&nbsp;</P><P>Thanks for your suggestion</P><P>&nbsp;</P> Fri, 19 Jul 2019 12:09:09 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830611#M75690 Nari12 2019-07-19T12:09:09Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830639#M75691 <BLOCKQUOTE><HR /><LI-USER uid="397861"></LI-USER>&nbsp;wrote:<BR /><P>Is it required to file 1040X&nbsp; and send with 8606 form for each year it is missed?</P><P>I have the same problem and one of the IRS help on line advise to file 1040X along with 8606 form.&nbsp;</P><P>Thanks for your suggestion</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>A 1040X is only required if you are changing from a deductible or non-deductible contribution or visa-versa that would require either paying additional tax or getting a refund.&nbsp;&nbsp;&nbsp; Simply reporting a missed 8606 that should have been included with the original tax return does not require a 1040X because you are not amending anything,&nbsp; you are just supplying an original form that was missed.&nbsp;</P><P>&nbsp;</P><P>And yes, a separate 8606 for the tax year that is was required must be filed for each year.</P><P>&nbsp;</P><P>8606 form are only required if:</P><P>1) You make a new non-deductible Traditional IRA contribution.<BR />2) You take a distribution from a IRA that has a after-tax "basis".<BR />3) You make a conversion of a retirement account to a Roth IRA</P><P>&nbsp;</P><P>Past year forms for each here can be downloaded form the IRS site:</P><P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html</A></P><P>If none of those occurred, then the last filed 8606 remains in effect</P> Fri, 19 Jul 2019 14:42:26 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830639#M75691 macuser_22 2019-07-19T14:42:26Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831359#M75716 <P>I see no reason to file numerous forms.</P><P>Here's my suggestion:</P><P>Attach form 8606 to your current or next form 1040 filing..</P><P>Show the correct prior years basis (total of all non-deductible contributions)</P><P>OR if you made a non-deductible contribution last year,</P><P>file form 1040X and attach 8606</P><P>Show the correct prior years basis (total of all prior non-deductible contributions and the last contribution )</P><P>In 1040X Part iii explanation, state:</P><P>"Neglected to include form 8606"</P> Sun, 21 Jul 2019 19:30:58 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831359#M75716 fanfare 2019-07-21T19:30:58Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831362#M75717 <P>"Attach form 8606 to your current or next form 1040 filing..</P><P>Show the correct prior years basis (total of all non-deductible contributions)"</P><P>&nbsp;</P><P>You must do this to compute the correct taxable amount on your RMD.</P> Sun, 21 Jul 2019 19:36:22 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831362#M75717 fanfare 2019-07-21T19:36:22Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831375#M75718 <BLOCKQUOTE><HR /><LI-USER uid="70392"></LI-USER>&nbsp;wrote:<BR /><P>I see no reason to file numerous forms.</P></BLOCKQUOTE><P>Can you provide an authority that says that is allowed?</P><P>&nbsp;</P><P>I would suggest that to properly comply with IRC&nbsp; 408(o)(4), numerous tax court decisions and the IRS rules that provide for a $50 penalty for each tax year that a 8606 was required but not filed, that separate 8606 forms be filed for each missed year with an explanation for the missed 8606 form an a request to waive the penalty.</P> Sun, 21 Jul 2019 20:07:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831375#M75718 macuser_22 2019-07-21T20:07:04Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831920#M75735 <P>You would be required to file prior forms only if the IRS audits your return and makes an issue of it.</P> Tue, 23 Jul 2019 00:32:01 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831920#M75735 fanfare 2019-07-23T00:32:01Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831986#M75737 <BLOCKQUOTE><HR /><LI-USER uid="70392"></LI-USER>&nbsp;wrote:<BR /><P>You would be required to file prior forms only if the IRS audits your return and makes an issue of it.</P><HR /></BLOCKQUOTE><P>Are you serious?&nbsp; You "<STRONG>only"</STRONG> need to file a required form if audited?&nbsp;&nbsp; How about the tax law that requires it?&nbsp;&nbsp; Is it OK to under report income until you are caught?&nbsp;&nbsp; I can't believe you actually said that.</P><P>&nbsp;</P><P>Unfortunately, as tax court cases show, the IRS often does investigate that proper 8606 forms were filed when nondeductible contribution basis is claimed and then they deny the claim if the forms are missing.&nbsp; The IRS probably does not look if 8606 forms were filed, year-to-year, but when distributions are taken and a basis is claimed then can, and do, verify the basis against filed 8606 forms.</P><P>&nbsp;</P><P>Best to do it right to start with and not open a can of worms later.</P> Tue, 23 Jul 2019 02:26:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831986#M75737 macuser_22 2019-07-23T02:26:04Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832169#M75743 <P>If nondeductible contributions are not reported on Form 8606 for the years for which nondeductible traditional IRA contributions were made, the IRS takes the position that these contributions do not represent investment in the contract that can be distributed tax free.&nbsp; Unless the IRS has recently changed their methods, to avoid taxation of basis under these circumstances would require taking the case to the Tax Court and providing sufficient evidence to the court that the individual indeed has basis in nondeductible traditional IRA contributions.&nbsp; The Tax Court has in several past cases of unreported nondeductible traditional IRA contributions allowed the basis to be reconstructed despite the individual not filing Forms 8606 as required by law, but why would anyone want to risk having to go to court when the whole situation can been avoided by properly filing the late Forms 8606.</P> Tue, 23 Jul 2019 15:14:46 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832169#M75743 dmertz 2019-07-23T15:14:46Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832473#M75747 <P>I did not know that i have to file form 8606 when i make non deductible contribution in 1994 and 95 ( total $4000). I did not contribute any more since then.</P><P>However in 2017, I was advised to file form 8606 year 2017 to report the the prior basis ($4000 ) since i never did before.</P><P>First I understand now that I have to file 2 correct year 8606 ( 94 and 95) , but still unclear if i need to send along with 1040X year 94 and 95 to amend the mistake.</P><P>&nbsp;</P><P>Second,&nbsp; do I make a mistake again by sending the 2017 year 8606 to report the previous basis?&nbsp;</P><P>If so how do I correct my second mistake?&nbsp;</P><P>Do I need to send 1040X year 2017 stating in part iii " error in reporting 8606 form".&nbsp;</P><P>Or should I just send the&nbsp; 8606 year 94 and 95 and leave the 2017 tax form as is?</P><P>&nbsp;</P><P>Third, how should i send all those forms, mail all in one envelop or mail them separately</P><P>Thanks to you all!</P><P>&nbsp;</P> Tue, 23 Jul 2019 23:40:45 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832473#M75747 Nari12 2019-07-23T23:40:45Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856630#M76918 <P>I have a slightly different issue.&nbsp; I did non-deductible IRA contributions from mid 2000s to now.&nbsp; When I submitted my 8606s, I just noted the contribution for that year, and I did not report the entire value of my IRA with pretax (401k rollovers) and posttax dollars.&nbsp; Am I allowed to go back and make the corrections?</P><P>&nbsp;</P><P>Thanks!</P> Fri, 27 Sep 2019 17:47:39 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856630#M76918 brb408wpb 2019-09-27T17:47:39Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856643#M76919 <P>brb408wpb, have you made any distributions or Roth conversions from your traditional IRAs?&nbsp; If not, nothing needs correcting.&nbsp; Although you probably should have previously included on line 2 of Form 8606 an adjustment for the after-tax money rolled over from the 401(k), you can do that on the next Form 8606 that you file as long as you have not made any distributions or conversions prior to 2019.&nbsp; Such an adjustment requires your tax return to include an explanation statement describing the adjustment.&nbsp; Your year-end balance in traditional IRAs is only relevant to determining the taxable amount of distributions and conversions.</P> <P>&nbsp;</P> <P>If you have made distributions or Roth conversions prior to 2019 after establishing basis in nondeductible traditional IRA contributions and did not prepare Forms 8606 correctly, the corrections might be rather complex.</P> <P>&nbsp;</P> <P>If your Forms 8606 did not include on line 2 the previous year's Form 8606 line 14 amount, that's another problem that will need to be corrected.</P> Fri, 27 Sep 2019 18:15:42 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856643#M76919 dmertz 2019-09-27T18:15:42Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/856656#M76920 You do NOT send in a 1040X for this correction ... the form 8606 can be filed by itself as a stand alone form ... make sure to sign it. Fri, 27 Sep 2019 18:27:26 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/856656#M76920 Critter 2019-09-27T18:27:26Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159087#M88099 <P>Macuser_22,</P><P>Thanks for all your advice and support of the community.</P><P>What are your thoughts about a situation where no 8606 have been filed for ten years. &nbsp;No deductions have been made. &nbsp;No distributions have been made. &nbsp; IRA Traditional and Roth IRA exist. &nbsp; Prepared to file all back 8606 for each year. &nbsp; The question is where to start and how to calculate basis in 2019? &nbsp; If the prior year 8606 forms were not completed, what basis to use on line 2 of the 2019 form?</P><P>Thanks!&nbsp;</P> Sat, 15 Feb 2020 16:11:39 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159087#M88099 69VanNuys 2020-02-15T16:11:39Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106 <P><LI-USER uid="1096442"></LI-USER>&nbsp; - Start with the first year that there was a non deductible contribution and fill out a 8606 form for THAT year with the non-deductible contribution on line 1.&nbsp;&nbsp; The amount on line 14 will carry to line 2 of the next years 8606 and will be added to that years line 1 contribution.&nbsp;&nbsp; Repeat for each year that there was a non-deductible contribution until current.</P> <P>&nbsp;</P> <P>You can download past years 8606 forms (and instructions) from the IRS here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find</A></P> <P>&nbsp;</P> <P>Mail the 8606 forms to the IRS:</P> <P><A href="https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040" target="_blank">https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040</A></P> Sat, 15 Feb 2020 16:22:21 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106 macuser_22 2020-02-15T16:22:21Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159178#M88107 <P><LI-USER uid="1096442"></LI-USER> - The above answer assumes that there were no distributions from any Traditional, SEP or SIMPLE IRA at any time after the first non-deductible contribution or that would need to be accounted for and would make the 8606 much more complicated.</P> Sat, 15 Feb 2020 16:25:41 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159178#M88107 macuser_22 2020-02-15T16:25:41Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159447#M88121 <P>Thank you! &nbsp;Starting from year one is the only way I could figure to do it, u less someone had an idea about doing someone in 2019. &nbsp;</P> Sat, 15 Feb 2020 17:07:14 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159447#M88121 69VanNuys 2020-02-15T17:07:14Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159711#M88132 <P>Each year must be reported on the 8606 for&nbsp; that year of the IRS will disallow any use of the non-deductible contribution on a distribution.&nbsp;&nbsp; Line 14 on&nbsp; the last filed 8606 can only come from&nbsp; the previous 8606 form.&nbsp; They cannot be combined.</P> <P>&nbsp;</P> <P>Note that the IRS "could" assess a $50 penalty for each missed 8606 form.</P> Sat, 15 Feb 2020 17:51:44 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159711#M88132 macuser_22 2020-02-15T17:51:44Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1160412#M88159 <P>From 2017&nbsp; IRS&nbsp; Pub 590A</P><P><STRONG>"Failure to report nondeductible contributions</STRONG>. If you<BR />don’t report nondeductible contributions, all of the contributions<BR />to your traditional IRA will be treated like deductible<BR />contributions when withdrawn. All distributions from<BR />your IRA will be taxed <EM>unless you can show, with satisfactory</EM><BR /><EM>evidence, that nondeductib<SPAN>le contributions were</SPAN></EM></P><P><EM>made."</EM></P> Sat, 15 Feb 2020 19:55:13 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1160412#M88159 fanfare 2020-02-15T19:55:13Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1173974#M88841 <P>If I should start a new post just let me know. But my situation is very similar.&nbsp; I had non-deductible contributions 2 years only.</P><P>&nbsp;</P><P>In 2009 I filed form 8606. No problem.</P><P>In 2010 I filed form 8606, but neglected to list and add the basis from the 2009 form.&nbsp; I used TurboTax both years, so I'm not sure why TT didn't bring it forward automatically.&nbsp; A bug perhaps?</P><P>&nbsp;</P><P>Now in 2019 I've taken my first ever distribution from a traditional IRA (a rollover IRA that used to be my 401k), so I need my correct basis.&nbsp; I assume that I need to file an amended 8606 for 2010 (using that year's form) and a letter of explanation.&nbsp; I am hoping that nothing more will come of it.&nbsp; Financially it doesn't make sense to pay penalties to recover the basis from 2009 - it's a small enough amount that paying taxes on that amount again would probably be cheaper than a penalty.</P><P>&nbsp;</P><P>My first question then is, if I file an amended 8606, can I expect to get a free pass, or a fine?&nbsp; And if it's a fine, can I just use the (too small) basis from the 2010 form without getting a fine?</P><P>&nbsp;</P><P>Thank you.</P> Mon, 17 Feb 2020 21:55:25 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1173974#M88841 Mikellekim 2020-02-17T21:55:25Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1174037#M88845 <BLOCKQUOTE><HR /><LI-USER uid="1293036"></LI-USER>&nbsp;wrote:<BR /> <P>If I should start a new post just let me know. But my situation is very similar.&nbsp; I had non-deductible contributions 2 years only.</P> <P>&nbsp;</P> <P>In 2009 I filed form 8606. No problem.</P> <P>In 2010 I filed form 8606, but neglected to list and add the basis from the 2009 form.&nbsp; I used TurboTax both years, so I'm not sure why TT didn't bring it forward automatically.&nbsp; A bug perhaps?</P> <P>&nbsp;</P> <P>Now in 2019 I've taken my first ever distribution from a traditional IRA (a rollover IRA that used to be my 401k), so I need my correct basis.&nbsp; I assume that I need to file an amended 8606 for 2010 (using that year's form) and a letter of explanation.&nbsp; I am hoping that nothing more will come of it.&nbsp; Financially it doesn't make sense to pay penalties to recover the basis from 2009 - it's a small enough amount that paying taxes on that amount again would probably be cheaper than a penalty.</P> <P>&nbsp;</P> <P>My first question then is, if I file an amended 8606, can I expect to get a free pass, or a fine?&nbsp; And if it's a fine, can I just use the (too small) basis from the 2010 form without getting a fine?</P> <P>&nbsp;</P> <P>Thank you.</P> <HR /></BLOCKQUOTE> <P>If you mean amending the 2010 8606 to add the 2009 carry forward basis to that the total of both will carry forward, then I do not believe that there would be any penalty at all for amending a prior filed 8606.&nbsp; The only penalty that I know of is the failure to file a 8606 at all but you did file one.</P> Mon, 17 Feb 2020 22:03:28 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1174037#M88845 macuser_22 2020-02-17T22:03:28Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1175402#M88918 <P>That was what I assumed (and hoped).&nbsp; Thanks for the reply.</P><P>&nbsp;</P> Tue, 18 Feb 2020 01:05:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1175402#M88918 Mikellekim 2020-02-18T01:05:27Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293979#M94106 <P>I have submitted&nbsp; 8606 for year 1995 last August 2019. How do I know that IRS receive my letter?&nbsp;</P><P>Should I resend the same 1995 form (with signature) and include it in my 2019 tax return this year?&nbsp;</P><P>Please advise&nbsp;</P> Mon, 09 Mar 2020 02:45:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293979#M94106 Rithc04 2020-03-09T02:45:04Z Re: The links that macuser_22 provided are for the 2016 Form... https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293999#M94108 <BLOCKQUOTE><HR /><LI-USER uid="1578444"></LI-USER>&nbsp;wrote:<BR /> <P>I have submitted&nbsp; 8606 for year 1995 last August 2019. How do I know that IRS receive my letter?&nbsp;</P> <P>Should I resend the same 1995 form (with signature) and include it in my 2019 tax return this year?&nbsp;</P> <P>Please advise&nbsp;</P> <HR /></BLOCKQUOTE> <P>The IRS never acknowledges 8606 forms.&nbsp; The only way to ever know if the IRS actually receives ANY mail that you send is by mailing certified with return receipt or other tracking service.</P> <P>&nbsp;</P> <P>Only submit a 2019 8606 with a 2019 tax return.&nbsp;&nbsp; Earlier years must be mailed in a separate envelop.</P> Mon, 09 Mar 2020 02:51:08 GMT https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293999#M94108 macuser_22 2020-03-09T02:51:08Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617461#M106448 <P>Hi,</P><P>I read through the conversation but not clear for my situation so hoping somebody can help!</P><P>&nbsp;</P><P>Made non-deductible contribution to traditional IRA for tax year 2011. Since then no distribution , no additional non-deductible contributions and no Roth conversions. At the time CPA forgot to file 8606. I do my own taxes now via Turbotax.&nbsp; What do I need to do now? Is it necessary to file 8606 for 2011?</P><P>&nbsp;</P><P>Thanks!</P> Mon, 01 Jun 2020 20:44:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617461#M106448 AG2020 2020-06-01T20:44:51Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617486#M106452 <BLOCKQUOTE><HR /><LI-USER uid="2363697"></LI-USER>&nbsp;wrote:<BR /> <P>Hi,</P> <P>I read through the conversation but not clear for my situation so hoping somebody can help!</P> <P>&nbsp;</P> <P>Made non-deductible contribution to traditional IRA for tax year 2011. Since then no distribution , no additional non-deductible contributions and no Roth conversions. At the time CPA forgot to file 8606. I do my own taxes now via Turbotax.&nbsp; What do I need to do now? Is it necessary to file 8606 for 2011?</P> <P>&nbsp;</P> <P>Thanks!</P> <HR /></BLOCKQUOTE> <P>Yes.&nbsp;&nbsp; Without a 8606 you will loose the ability to be able to use the 2011 non -deductible contribution to help offset tax liability.</P> <P>&nbsp;</P> <P>You can download the 2011 8606 here:</P> <P>&nbsp;</P> <P><STRONG><A href="https://www.irs.gov/pub/irs-prior/f8606--2011.pdf" target="_blank">https://www.irs.gov/pub/irs-prior/f8606--2011.pdf</A></STRONG></P> <P><STRONG><A href="https://www.irs.gov/pub/irs-prior/i8606--2011.pdf" target="_blank">https://www.irs.gov/pub/irs-prior/i8606--2011.pdf</A></STRONG></P> <P>&nbsp;</P> <P>You&nbsp; can attach a request to waive the $50 penalty for failing to file the 8606 when due.</P> <P>&nbsp;</P> Mon, 01 Jun 2020 20:58:09 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617486#M106452 macuser_22 2020-06-01T20:58:09Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617552#M106455 <P>Thank you! I see that my CPA might have filed 8606 for 2012 return including 2011 contribution. Do I still need to file 8606 for 2011?</P><P>&nbsp;</P> Mon, 01 Jun 2020 21:27:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617552#M106455 AG2020 2020-06-01T21:27:00Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617620#M106457 <P>A 2012 8606 can only report a 2012 non-deductible *for* the 2012 tax year.&nbsp;&nbsp; A 2011 contribution can only be reported on a 2011 8606.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If you did not make a 2012 non-deductible contribution then you should also attach an amended 2012 8606 showing a zero contribution&nbsp; and attach a note that the 2011 contributiin was mistakenly reported on a 2012 8606.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The IRS will probably not access any penalty for an error.</P> Mon, 01 Jun 2020 21:59:59 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617620#M106457 macuser_22 2020-06-01T21:59:59Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617650#M106458 <P>OK, Thank you! I was able to pull transcript fr those years from IRS.Gov and I see those contributions being reported on form-5498 by institution holding my IRA and tax return clearly shows we did not take any deduction for that year. So I guess even though IRS knows that a contribution was made (reported by institution) and no deduction was taken (from Tax Return), we still need to file 8606? Is that correct?</P> Mon, 01 Jun 2020 22:19:34 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617650#M106458 AG2020 2020-06-01T22:19:34Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617674#M106459 <P>Yes.&nbsp;&nbsp; The 5498 does not replace a 8606.&nbsp; The IRS would probably never catch this but if they did check they would find that the 8606's that you file did not match what the bank reported on 5498 forms and could deny the tax offset.&nbsp;&nbsp; I recommend going by the book.</P> Mon, 01 Jun 2020 22:32:31 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617674#M106459 macuser_22 2020-06-01T22:32:31Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617707#M106462 <P>Will do! Thanks for the help!!</P> Mon, 01 Jun 2020 22:52:18 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617707#M106462 AG2020 2020-06-01T22:52:18Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630634#M106980 <P>Hi...</P><P>I failed to file 8606 for non-deductible IRA contributions for 1985, 1995 and 1996.&nbsp; Where would I get Form 8606 for 1985?&nbsp; &nbsp;</P><P>&nbsp;</P><P>What could I use as a reasonable cause explanation to avoid the non-filing fee of $50?&nbsp; I was preparing my taxes manually for these years and did not realize that I was required to file Form 8606.&nbsp; &nbsp;I wonder what has been the experience of other people in this chat.&nbsp; &nbsp;Must I include the $50 fee upon filing or do I wait to be billed by IRS?</P><P>&nbsp;</P><P>thanks much</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp; &nbsp;&nbsp;</P> Fri, 12 Jun 2020 04:44:54 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630634#M106980 luvlondon 2020-06-12T04:44:54Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630657#M106981 <BLOCKQUOTE><HR /><LI-USER uid="2391899"></LI-USER>&nbsp;wrote:<BR /> <P>Hi...</P> <P>I failed to file 8606 for non-deductible IRA contributions for 1985, 1995 and 1996.&nbsp; Where would I get Form 8606 for 1985?&nbsp; &nbsp;</P> <P>&nbsp;</P> <P>What could I use as a reasonable cause explanation to avoid the non-filing fee of $50?&nbsp; I was preparing my taxes manually for these years and did not realize that I was required to file Form 8606.&nbsp; &nbsp;I wonder what has been the experience of other people in this chat.&nbsp; &nbsp;Must I include the $50 fee upon filing or do I wait to be billed by IRS?</P> <P>&nbsp;</P> <P>thanks much</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp; &nbsp;&nbsp;</P> <HR /></BLOCKQUOTE> <P>Do NOT send the $50 penalty.&nbsp; If the IRS imposes it then they will bill you. &nbsp; The explanation can be anything that is reasonable.</P> <P>&nbsp;</P> <P>Past years 8606 forms from 1987 to present can be found here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false" target="_blank" rel="noopener">https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false</A></P> <P>&nbsp;</P> <P>I do not believe that there is any 1985 8606 form because the Tax Reform Act of 1986 created the 8606 form and was effective starting in 1987 so it did not exist prior to 1987. Prior to 1987 I do not believe that it was possible to make a non-deductible Traditional IRA contribution.</P> <P>&nbsp;</P> <P>&nbsp;</P> Fri, 12 Jun 2020 14:36:28 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630657#M106981 macuser_22 2020-06-12T14:36:28Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630674#M106982 <P>Thank you very much!</P><P>&nbsp;</P><P>That explains why I could not see Form 8606 for 1985.&nbsp; But I got a Form 5498 in 1985 from Vanguard showing contributions to IRA for that year and with the corresponding market value at end of the year.&nbsp; &nbsp; In 1988, I also got Form 5498, no contribution but with market value of the account at end of the year.&nbsp; &nbsp;Any thoughts then as to whether the 1985 contribution should form part of the cost basis?</P> Fri, 12 Jun 2020 05:24:08 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630674#M106982 luvlondon 2020-06-12T05:24:08Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630750#M106984 <P>Traditional IRAs don't have a "cost" basis, they have basis in nondeductible contributions.&nbsp; Since nondeductible contributions were not permitted until 1987, a contribution made for 1985 did not add to basis in nondeductible traditional IRA contributions, even if you failed to deduct a permissible contribution.</P><P>&nbsp;</P><P>Having a Form 5498 for a particular year just means that you made an IRA contribution for that year.&nbsp; IRA contributions first became permissible in 1975.&nbsp; I'm not sure when Form 5498 was introduced, but it was before 1987; I have one from 1986.</P> Fri, 12 Jun 2020 11:43:36 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630750#M106984 dmertz 2020-06-12T11:43:36Z Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now??? https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630968#M106988 <P>The earliest 5498 that I can find is 1983.&nbsp; And it only has one box on it - box 1 "IRA or SEP contributions".</P> Fri, 12 Jun 2020 14:47:28 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630968#M106988 macuser_22 2020-06-12T14:47:28Z Re: You can file delinquent Forms 8606, even as far back as 1... https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701809#M111132 <P>Can you repost that link (the as far as 1995 one). It is broken. I'd like to see it is possible, I'm dealing with this situation.&nbsp;</P> Fri, 31 Jul 2020 14:23:21 GMT https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701809#M111132 Chickpea 2020-07-31T14:23:21Z Re: You can file delinquent Forms 8606, even as far back as 1... https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701819#M111134 <BLOCKQUOTE><HR /><LI-USER uid="2604701"></LI-USER>&nbsp;wrote:<BR /> <P>Can you repost that link (the as far as 1995 one). It is broken. I'd like to see it is possible, I'm dealing with this situation.&nbsp;</P> <HR /></BLOCKQUOTE> <P>The link for past years 8606 form works for me:</P> <P>&nbsp;</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false</A></P> <P>&nbsp;</P> <P>(There are several pages of the forms so you need to go to page 2 for 1995)</P> Fri, 31 Jul 2020 14:47:07 GMT https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701819#M111134 macuser_22 2020-07-31T14:47:07Z
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<channel>
<title>
topic Re: The links that macuser_22 provided are for the 2016 Form... in Retirement tax questions
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106
</link>
<description>
<P><LI-USER uid="1096442"></LI-USER>&nbsp; - Start with the first year that there was a non deductible contribution and fill out a 8606 form for THAT year with the non-deductible contribution on line 1.&nbsp;&nbsp; The amount on line 14 will carry to line 2 of the next years 8606 and will be added to that years line 1 contribution.&nbsp;&nbsp; Repeat for each year that there was a non-deductible contribution until current.</P> <P>&nbsp;</P> <P>You can download past years 8606 forms (and instructions) from the IRS here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find</A></P> <P>&nbsp;</P> <P>Mail the 8606 forms to the IRS:</P> <P><A href="https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040" target="_blank">https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040</A></P>
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<pubDate>Sat, 15 Feb 2020 16:22:21 GMT</pubDate>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-02-15T16:22:21Z</dc:date>
<item>
<title>
I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there-anything/01/66653#M3408
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<description>
<P> </P><P> </P><P> In December 2016 we took our first ever IRA distributions. While preparing our tax forms for 2016 I reviewed&nbsp; the non deductible contributions we both made to our individual IRA accounts over the years.</P><P>I was shocked to find&nbsp; the last 8606 I filed was in 1994, and have not filed any since then although&nbsp;we have made non deductible contributions between 1997 and</P><P> </P><P> 2010. </P><P>Is there anything I can do to correct this? Didn’t the IRS get 5498’s from the IRA custodians during these years?</P><P> </P>
</description>
<pubDate>Sat, 01 Jun 2019 02:05:49 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there-anything/01/66653#M3408
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<dc:creator>forologia</dc:creator>
<dc:date>2019-06-01T02:05:49Z</dc:date>
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<item>
<title>
You can file delinquent Forms 8606, even as far back as 1...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/66662#M3411
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<description>
<P>You can file delinquent Forms 8606, <A href="http://www.unclefed.com/IRS-Forms/1995-1991/Y9563966.PDF" rel="nofollow" target="_blank">even as far back as 1995</A>, on a standalone basis, meaning that you can file them without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.</P><P>File these delinquent forms separately from your tax return.</P><P>See this <A href="https://www.irs.gov/instructions/i8606/ch01.html" rel="nofollow" target="_blank">IRS link regarding Form 8606</A> and see this information for suggestions regarding <A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-reasonable-cause" rel="nofollow" target="_blank">“reasonable cause.”</A> </P><P>&nbsp;</P><P> </P><P>&nbsp;</P>
</description>
<pubDate>Sat, 01 Jun 2019 02:05:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/66662#M3411
</guid>
<dc:creator>IsabellaG</dc:creator>
<dc:date>2019-06-01T02:05:51Z</dc:date>
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<title>
Link to 8606 form  <a rel="nofollow" target="_blank" href...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/link-to-8606-form-a-rel-nofollow-target-blank-href/01/66670#M3414
</link>
<description>
Link to 8606 form&nbsp;&nbsp;&lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/pub/irs-pdf/f8606.pdf&quot;&gt;https://www.irs.gov/pub/irs-pdf/f8606.pdf&lt;/a" target="_blank">https://www.irs.gov/pub/irs-pdf/f8606.pdf"&gt;https://www.irs.gov/pub/irs-pdf/f8606.pdf&lt;/a</A>&gt;<BR />Link to 8606 instructions &lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/pub/irs-pdf/i8606.pdf&quot;&gt;https://www.irs.gov/pub/irs-pdf/i8606.pdf&lt;/a" target="_blank">https://www.irs.gov/pub/irs-pdf/i8606.pdf"&gt;https://www.irs.gov/pub/irs-pdf/i8606.pdf&lt;/a</A>&gt;
</description>
<pubDate>Sat, 01 Jun 2019 02:05:53 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/link-to-8606-form-a-rel-nofollow-target-blank-href/01/66670#M3414
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-06-01T02:05:53Z</dc:date>
</item>
<item>
<title>
The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/the-links-that-macuser-22-provided-are-for-the-2016-form/01/66674#M3416
</link>
<description>
The links that macuser_22 provided are for the 2016 Form 8606.&nbsp;&nbsp;You actually need to use the correct year's&nbsp;&nbsp;Form 8606 for each year that you are reporting late.&nbsp;&nbsp;Search for 8606 on the IRS website for a list of each prior year's Form 5329 and instructions:<BR /><BR />&lt;a rel="nofollow" target="_blank" href="<A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html&quot;&gt;https://apps.irs.gov/app/picklist/list/priorFormPublication.html&lt;/a" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html"&gt;https://apps.irs.gov/app/picklist/list/priorFormPublication.html&lt;/a</A>&gt;
</description>
<pubDate>Sat, 01 Jun 2019 02:05:55 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/the-links-that-macuser-22-provided-are-for-the-2016-form/01/66674#M3416
</guid>
<dc:creator>dmertz</dc:creator>
<dc:date>2019-06-01T02:05:55Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830611#M75690
</link>
<description>
<P>Is it required to file 1040X&nbsp; and send with 8606 form for each year it is missed?</P><P>I have the same problem and one of the IRS help on line advise to file 1040X along with 8606 form.&nbsp;</P><P>Thanks for your suggestion</P><P>&nbsp;</P>
</description>
<pubDate>Fri, 19 Jul 2019 12:09:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830611#M75690
</guid>
<dc:creator>Nari12</dc:creator>
<dc:date>2019-07-19T12:09:09Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830639#M75691
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="397861"></LI-USER>&nbsp;wrote:<BR /><P>Is it required to file 1040X&nbsp; and send with 8606 form for each year it is missed?</P><P>I have the same problem and one of the IRS help on line advise to file 1040X along with 8606 form.&nbsp;</P><P>Thanks for your suggestion</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>A 1040X is only required if you are changing from a deductible or non-deductible contribution or visa-versa that would require either paying additional tax or getting a refund.&nbsp;&nbsp;&nbsp; Simply reporting a missed 8606 that should have been included with the original tax return does not require a 1040X because you are not amending anything,&nbsp; you are just supplying an original form that was missed.&nbsp;</P><P>&nbsp;</P><P>And yes, a separate 8606 for the tax year that is was required must be filed for each year.</P><P>&nbsp;</P><P>8606 form are only required if:</P><P>1) You make a new non-deductible Traditional IRA contribution.<BR />2) You take a distribution from a IRA that has a after-tax "basis".<BR />3) You make a conversion of a retirement account to a Roth IRA</P><P>&nbsp;</P><P>Past year forms for each here can be downloaded form the IRS site:</P><P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html</A></P><P>If none of those occurred, then the last filed 8606 remains in effect</P>
</description>
<pubDate>Fri, 19 Jul 2019 14:42:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/830639#M75691
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-07-19T14:42:26Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831359#M75716
</link>
<description>
<P>I see no reason to file numerous forms.</P><P>Here's my suggestion:</P><P>Attach form 8606 to your current or next form 1040 filing..</P><P>Show the correct prior years basis (total of all non-deductible contributions)</P><P>OR if you made a non-deductible contribution last year,</P><P>file form 1040X and attach 8606</P><P>Show the correct prior years basis (total of all prior non-deductible contributions and the last contribution )</P><P>In 1040X Part iii explanation, state:</P><P>"Neglected to include form 8606"</P>
</description>
<pubDate>Sun, 21 Jul 2019 19:30:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831359#M75716
</guid>
<dc:creator>fanfare</dc:creator>
<dc:date>2019-07-21T19:30:58Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831362#M75717
</link>
<description>
<P>"Attach form 8606 to your current or next form 1040 filing..</P><P>Show the correct prior years basis (total of all non-deductible contributions)"</P><P>&nbsp;</P><P>You must do this to compute the correct taxable amount on your RMD.</P>
</description>
<pubDate>Sun, 21 Jul 2019 19:36:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831362#M75717
</guid>
<dc:creator>fanfare</dc:creator>
<dc:date>2019-07-21T19:36:22Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831375#M75718
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="70392"></LI-USER>&nbsp;wrote:<BR /><P>I see no reason to file numerous forms.</P></BLOCKQUOTE><P>Can you provide an authority that says that is allowed?</P><P>&nbsp;</P><P>I would suggest that to properly comply with IRC&nbsp; 408(o)(4), numerous tax court decisions and the IRS rules that provide for a $50 penalty for each tax year that a 8606 was required but not filed, that separate 8606 forms be filed for each missed year with an explanation for the missed 8606 form an a request to waive the penalty.</P>
</description>
<pubDate>Sun, 21 Jul 2019 20:07:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831375#M75718
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-07-21T20:07:04Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831920#M75735
</link>
<description>
<P>You would be required to file prior forms only if the IRS audits your return and makes an issue of it.</P>
</description>
<pubDate>Tue, 23 Jul 2019 00:32:01 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831920#M75735
</guid>
<dc:creator>fanfare</dc:creator>
<dc:date>2019-07-23T00:32:01Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831986#M75737
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="70392"></LI-USER>&nbsp;wrote:<BR /><P>You would be required to file prior forms only if the IRS audits your return and makes an issue of it.</P><HR /></BLOCKQUOTE><P>Are you serious?&nbsp; You "<STRONG>only"</STRONG> need to file a required form if audited?&nbsp;&nbsp; How about the tax law that requires it?&nbsp;&nbsp; Is it OK to under report income until you are caught?&nbsp;&nbsp; I can't believe you actually said that.</P><P>&nbsp;</P><P>Unfortunately, as tax court cases show, the IRS often does investigate that proper 8606 forms were filed when nondeductible contribution basis is claimed and then they deny the claim if the forms are missing.&nbsp; The IRS probably does not look if 8606 forms were filed, year-to-year, but when distributions are taken and a basis is claimed then can, and do, verify the basis against filed 8606 forms.</P><P>&nbsp;</P><P>Best to do it right to start with and not open a can of worms later.</P>
</description>
<pubDate>Tue, 23 Jul 2019 02:26:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/831986#M75737
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-07-23T02:26:04Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832169#M75743
</link>
<description>
<P>If nondeductible contributions are not reported on Form 8606 for the years for which nondeductible traditional IRA contributions were made, the IRS takes the position that these contributions do not represent investment in the contract that can be distributed tax free.&nbsp; Unless the IRS has recently changed their methods, to avoid taxation of basis under these circumstances would require taking the case to the Tax Court and providing sufficient evidence to the court that the individual indeed has basis in nondeductible traditional IRA contributions.&nbsp; The Tax Court has in several past cases of unreported nondeductible traditional IRA contributions allowed the basis to be reconstructed despite the individual not filing Forms 8606 as required by law, but why would anyone want to risk having to go to court when the whole situation can been avoided by properly filing the late Forms 8606.</P>
</description>
<pubDate>Tue, 23 Jul 2019 15:14:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832169#M75743
</guid>
<dc:creator>dmertz</dc:creator>
<dc:date>2019-07-23T15:14:46Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832473#M75747
</link>
<description>
<P>I did not know that i have to file form 8606 when i make non deductible contribution in 1994 and 95 ( total $4000). I did not contribute any more since then.</P><P>However in 2017, I was advised to file form 8606 year 2017 to report the the prior basis ($4000 ) since i never did before.</P><P>First I understand now that I have to file 2 correct year 8606 ( 94 and 95) , but still unclear if i need to send along with 1040X year 94 and 95 to amend the mistake.</P><P>&nbsp;</P><P>Second,&nbsp; do I make a mistake again by sending the 2017 year 8606 to report the previous basis?&nbsp;</P><P>If so how do I correct my second mistake?&nbsp;</P><P>Do I need to send 1040X year 2017 stating in part iii " error in reporting 8606 form".&nbsp;</P><P>Or should I just send the&nbsp; 8606 year 94 and 95 and leave the 2017 tax form as is?</P><P>&nbsp;</P><P>Third, how should i send all those forms, mail all in one envelop or mail them separately</P><P>Thanks to you all!</P><P>&nbsp;</P>
</description>
<pubDate>Tue, 23 Jul 2019 23:40:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/832473#M75747
</guid>
<dc:creator>Nari12</dc:creator>
<dc:date>2019-07-23T23:40:45Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856630#M76918
</link>
<description>
<P>I have a slightly different issue.&nbsp; I did non-deductible IRA contributions from mid 2000s to now.&nbsp; When I submitted my 8606s, I just noted the contribution for that year, and I did not report the entire value of my IRA with pretax (401k rollovers) and posttax dollars.&nbsp; Am I allowed to go back and make the corrections?</P><P>&nbsp;</P><P>Thanks!</P>
</description>
<pubDate>Fri, 27 Sep 2019 17:47:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856630#M76918
</guid>
<dc:creator>brb408wpb</dc:creator>
<dc:date>2019-09-27T17:47:39Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856643#M76919
</link>
<description>
<P>brb408wpb, have you made any distributions or Roth conversions from your traditional IRAs?&nbsp; If not, nothing needs correcting.&nbsp; Although you probably should have previously included on line 2 of Form 8606 an adjustment for the after-tax money rolled over from the 401(k), you can do that on the next Form 8606 that you file as long as you have not made any distributions or conversions prior to 2019.&nbsp; Such an adjustment requires your tax return to include an explanation statement describing the adjustment.&nbsp; Your year-end balance in traditional IRAs is only relevant to determining the taxable amount of distributions and conversions.</P> <P>&nbsp;</P> <P>If you have made distributions or Roth conversions prior to 2019 after establishing basis in nondeductible traditional IRA contributions and did not prepare Forms 8606 correctly, the corrections might be rather complex.</P> <P>&nbsp;</P> <P>If your Forms 8606 did not include on line 2 the previous year's Form 8606 line 14 amount, that's another problem that will need to be corrected.</P>
</description>
<pubDate>Fri, 27 Sep 2019 18:15:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/856643#M76919
</guid>
<dc:creator>dmertz</dc:creator>
<dc:date>2019-09-27T18:15:42Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/856656#M76920
</link>
<description>
You do NOT send in a 1040X for this correction ... the form 8606 can be filed by itself as a stand alone form ... make sure to sign it.
</description>
<pubDate>Fri, 27 Sep 2019 18:27:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/856656#M76920
</guid>
<dc:creator>Critter</dc:creator>
<dc:date>2019-09-27T18:27:26Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159087#M88099
</link>
<description>
<P>Macuser_22,</P><P>Thanks for all your advice and support of the community.</P><P>What are your thoughts about a situation where no 8606 have been filed for ten years. &nbsp;No deductions have been made. &nbsp;No distributions have been made. &nbsp; IRA Traditional and Roth IRA exist. &nbsp; Prepared to file all back 8606 for each year. &nbsp; The question is where to start and how to calculate basis in 2019? &nbsp; If the prior year 8606 forms were not completed, what basis to use on line 2 of the 2019 form?</P><P>Thanks!&nbsp;</P>
</description>
<pubDate>Sat, 15 Feb 2020 16:11:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159087#M88099
</guid>
<dc:creator>69VanNuys</dc:creator>
<dc:date>2020-02-15T16:11:39Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106
</link>
<description>
<P><LI-USER uid="1096442"></LI-USER>&nbsp; - Start with the first year that there was a non deductible contribution and fill out a 8606 form for THAT year with the non-deductible contribution on line 1.&nbsp;&nbsp; The amount on line 14 will carry to line 2 of the next years 8606 and will be added to that years line 1 contribution.&nbsp;&nbsp; Repeat for each year that there was a non-deductible contribution until current.</P> <P>&nbsp;</P> <P>You can download past years 8606 forms (and instructions) from the IRS here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=UhFuCo825izp8Rd2WZrf0tV4.21?value=8606&amp;criteria=formNumber&amp;submitSearch=Find</A></P> <P>&nbsp;</P> <P>Mail the 8606 forms to the IRS:</P> <P><A href="https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040" target="_blank">https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040</A></P>
</description>
<pubDate>Sat, 15 Feb 2020 16:22:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159157#M88106
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-02-15T16:22:21Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159178#M88107
</link>
<description>
<P><LI-USER uid="1096442"></LI-USER> - The above answer assumes that there were no distributions from any Traditional, SEP or SIMPLE IRA at any time after the first non-deductible contribution or that would need to be accounted for and would make the 8606 much more complicated.</P>
</description>
<pubDate>Sat, 15 Feb 2020 16:25:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159178#M88107
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-02-15T16:25:41Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159447#M88121
</link>
<description>
<P>Thank you! &nbsp;Starting from year one is the only way I could figure to do it, u less someone had an idea about doing someone in 2019. &nbsp;</P>
</description>
<pubDate>Sat, 15 Feb 2020 17:07:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159447#M88121
</guid>
<dc:creator>69VanNuys</dc:creator>
<dc:date>2020-02-15T17:07:14Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159711#M88132
</link>
<description>
<P>Each year must be reported on the 8606 for&nbsp; that year of the IRS will disallow any use of the non-deductible contribution on a distribution.&nbsp;&nbsp; Line 14 on&nbsp; the last filed 8606 can only come from&nbsp; the previous 8606 form.&nbsp; They cannot be combined.</P> <P>&nbsp;</P> <P>Note that the IRS "could" assess a $50 penalty for each missed 8606 form.</P>
</description>
<pubDate>Sat, 15 Feb 2020 17:51:44 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1159711#M88132
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-02-15T17:51:44Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1160412#M88159
</link>
<description>
<P>From 2017&nbsp; IRS&nbsp; Pub 590A</P><P><STRONG>"Failure to report nondeductible contributions</STRONG>. If you<BR />don’t report nondeductible contributions, all of the contributions<BR />to your traditional IRA will be treated like deductible<BR />contributions when withdrawn. All distributions from<BR />your IRA will be taxed <EM>unless you can show, with satisfactory</EM><BR /><EM>evidence, that nondeductib<SPAN>le contributions were</SPAN></EM></P><P><EM>made."</EM></P>
</description>
<pubDate>Sat, 15 Feb 2020 19:55:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1160412#M88159
</guid>
<dc:creator>fanfare</dc:creator>
<dc:date>2020-02-15T19:55:13Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1173974#M88841
</link>
<description>
<P>If I should start a new post just let me know. But my situation is very similar.&nbsp; I had non-deductible contributions 2 years only.</P><P>&nbsp;</P><P>In 2009 I filed form 8606. No problem.</P><P>In 2010 I filed form 8606, but neglected to list and add the basis from the 2009 form.&nbsp; I used TurboTax both years, so I'm not sure why TT didn't bring it forward automatically.&nbsp; A bug perhaps?</P><P>&nbsp;</P><P>Now in 2019 I've taken my first ever distribution from a traditional IRA (a rollover IRA that used to be my 401k), so I need my correct basis.&nbsp; I assume that I need to file an amended 8606 for 2010 (using that year's form) and a letter of explanation.&nbsp; I am hoping that nothing more will come of it.&nbsp; Financially it doesn't make sense to pay penalties to recover the basis from 2009 - it's a small enough amount that paying taxes on that amount again would probably be cheaper than a penalty.</P><P>&nbsp;</P><P>My first question then is, if I file an amended 8606, can I expect to get a free pass, or a fine?&nbsp; And if it's a fine, can I just use the (too small) basis from the 2010 form without getting a fine?</P><P>&nbsp;</P><P>Thank you.</P>
</description>
<pubDate>Mon, 17 Feb 2020 21:55:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1173974#M88841
</guid>
<dc:creator>Mikellekim</dc:creator>
<dc:date>2020-02-17T21:55:25Z</dc:date>
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<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1174037#M88845
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="1293036"></LI-USER>&nbsp;wrote:<BR /> <P>If I should start a new post just let me know. But my situation is very similar.&nbsp; I had non-deductible contributions 2 years only.</P> <P>&nbsp;</P> <P>In 2009 I filed form 8606. No problem.</P> <P>In 2010 I filed form 8606, but neglected to list and add the basis from the 2009 form.&nbsp; I used TurboTax both years, so I'm not sure why TT didn't bring it forward automatically.&nbsp; A bug perhaps?</P> <P>&nbsp;</P> <P>Now in 2019 I've taken my first ever distribution from a traditional IRA (a rollover IRA that used to be my 401k), so I need my correct basis.&nbsp; I assume that I need to file an amended 8606 for 2010 (using that year's form) and a letter of explanation.&nbsp; I am hoping that nothing more will come of it.&nbsp; Financially it doesn't make sense to pay penalties to recover the basis from 2009 - it's a small enough amount that paying taxes on that amount again would probably be cheaper than a penalty.</P> <P>&nbsp;</P> <P>My first question then is, if I file an amended 8606, can I expect to get a free pass, or a fine?&nbsp; And if it's a fine, can I just use the (too small) basis from the 2010 form without getting a fine?</P> <P>&nbsp;</P> <P>Thank you.</P> <HR /></BLOCKQUOTE> <P>If you mean amending the 2010 8606 to add the 2009 carry forward basis to that the total of both will carry forward, then I do not believe that there would be any penalty at all for amending a prior filed 8606.&nbsp; The only penalty that I know of is the failure to file a 8606 at all but you did file one.</P>
</description>
<pubDate>Mon, 17 Feb 2020 22:03:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1174037#M88845
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-02-17T22:03:28Z</dc:date>
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<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1175402#M88918
</link>
<description>
<P>That was what I assumed (and hoped).&nbsp; Thanks for the reply.</P><P>&nbsp;</P>
</description>
<pubDate>Tue, 18 Feb 2020 01:05:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1175402#M88918
</guid>
<dc:creator>Mikellekim</dc:creator>
<dc:date>2020-02-18T01:05:27Z</dc:date>
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<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293979#M94106
</link>
<description>
<P>I have submitted&nbsp; 8606 for year 1995 last August 2019. How do I know that IRS receive my letter?&nbsp;</P><P>Should I resend the same 1995 form (with signature) and include it in my 2019 tax return this year?&nbsp;</P><P>Please advise&nbsp;</P>
</description>
<pubDate>Mon, 09 Mar 2020 02:45:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293979#M94106
</guid>
<dc:creator>Rithc04</dc:creator>
<dc:date>2020-03-09T02:45:04Z</dc:date>
</item>
<item>
<title>
Re: The links that macuser_22 provided are for the 2016 Form...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293999#M94108
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="1578444"></LI-USER>&nbsp;wrote:<BR /> <P>I have submitted&nbsp; 8606 for year 1995 last August 2019. How do I know that IRS receive my letter?&nbsp;</P> <P>Should I resend the same 1995 form (with signature) and include it in my 2019 tax return this year?&nbsp;</P> <P>Please advise&nbsp;</P> <HR /></BLOCKQUOTE> <P>The IRS never acknowledges 8606 forms.&nbsp; The only way to ever know if the IRS actually receives ANY mail that you send is by mailing certified with return receipt or other tracking service.</P> <P>&nbsp;</P> <P>Only submit a 2019 8606 with a 2019 tax return.&nbsp;&nbsp; Earlier years must be mailed in a separate envelop.</P>
</description>
<pubDate>Mon, 09 Mar 2020 02:51:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-the-links-that-macuser-22-provided-are-for-the-2016-form/01/1293999#M94108
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-03-09T02:51:08Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617461#M106448
</link>
<description>
<P>Hi,</P><P>I read through the conversation but not clear for my situation so hoping somebody can help!</P><P>&nbsp;</P><P>Made non-deductible contribution to traditional IRA for tax year 2011. Since then no distribution , no additional non-deductible contributions and no Roth conversions. At the time CPA forgot to file 8606. I do my own taxes now via Turbotax.&nbsp; What do I need to do now? Is it necessary to file 8606 for 2011?</P><P>&nbsp;</P><P>Thanks!</P>
</description>
<pubDate>Mon, 01 Jun 2020 20:44:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617461#M106448
</guid>
<dc:creator>AG2020</dc:creator>
<dc:date>2020-06-01T20:44:51Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617486#M106452
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="2363697"></LI-USER>&nbsp;wrote:<BR /> <P>Hi,</P> <P>I read through the conversation but not clear for my situation so hoping somebody can help!</P> <P>&nbsp;</P> <P>Made non-deductible contribution to traditional IRA for tax year 2011. Since then no distribution , no additional non-deductible contributions and no Roth conversions. At the time CPA forgot to file 8606. I do my own taxes now via Turbotax.&nbsp; What do I need to do now? Is it necessary to file 8606 for 2011?</P> <P>&nbsp;</P> <P>Thanks!</P> <HR /></BLOCKQUOTE> <P>Yes.&nbsp;&nbsp; Without a 8606 you will loose the ability to be able to use the 2011 non -deductible contribution to help offset tax liability.</P> <P>&nbsp;</P> <P>You can download the 2011 8606 here:</P> <P>&nbsp;</P> <P><STRONG><A href="https://www.irs.gov/pub/irs-prior/f8606--2011.pdf" target="_blank">https://www.irs.gov/pub/irs-prior/f8606--2011.pdf</A></STRONG></P> <P><STRONG><A href="https://www.irs.gov/pub/irs-prior/i8606--2011.pdf" target="_blank">https://www.irs.gov/pub/irs-prior/i8606--2011.pdf</A></STRONG></P> <P>&nbsp;</P> <P>You&nbsp; can attach a request to waive the $50 penalty for failing to file the 8606 when due.</P> <P>&nbsp;</P>
</description>
<pubDate>Mon, 01 Jun 2020 20:58:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617486#M106452
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-06-01T20:58:09Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617552#M106455
</link>
<description>
<P>Thank you! I see that my CPA might have filed 8606 for 2012 return including 2011 contribution. Do I still need to file 8606 for 2011?</P><P>&nbsp;</P>
</description>
<pubDate>Mon, 01 Jun 2020 21:27:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617552#M106455
</guid>
<dc:creator>AG2020</dc:creator>
<dc:date>2020-06-01T21:27:00Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617620#M106457
</link>
<description>
<P>A 2012 8606 can only report a 2012 non-deductible *for* the 2012 tax year.&nbsp;&nbsp; A 2011 contribution can only be reported on a 2011 8606.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If you did not make a 2012 non-deductible contribution then you should also attach an amended 2012 8606 showing a zero contribution&nbsp; and attach a note that the 2011 contributiin was mistakenly reported on a 2012 8606.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The IRS will probably not access any penalty for an error.</P>
</description>
<pubDate>Mon, 01 Jun 2020 21:59:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617620#M106457
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-06-01T21:59:59Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617650#M106458
</link>
<description>
<P>OK, Thank you! I was able to pull transcript fr those years from IRS.Gov and I see those contributions being reported on form-5498 by institution holding my IRA and tax return clearly shows we did not take any deduction for that year. So I guess even though IRS knows that a contribution was made (reported by institution) and no deduction was taken (from Tax Return), we still need to file 8606? Is that correct?</P>
</description>
<pubDate>Mon, 01 Jun 2020 22:19:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617650#M106458
</guid>
<dc:creator>AG2020</dc:creator>
<dc:date>2020-06-01T22:19:34Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617674#M106459
</link>
<description>
<P>Yes.&nbsp;&nbsp; The 5498 does not replace a 8606.&nbsp; The IRS would probably never catch this but if they did check they would find that the 8606's that you file did not match what the bank reported on 5498 forms and could deny the tax offset.&nbsp;&nbsp; I recommend going by the book.</P>
</description>
<pubDate>Mon, 01 Jun 2020 22:32:31 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617674#M106459
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-06-01T22:32:31Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617707#M106462
</link>
<description><P>Will do! Thanks for the help!!</P></description>
<pubDate>Mon, 01 Jun 2020 22:52:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1617707#M106462
</guid>
<dc:creator>AG2020</dc:creator>
<dc:date>2020-06-01T22:52:18Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630634#M106980
</link>
<description>
<P>Hi...</P><P>I failed to file 8606 for non-deductible IRA contributions for 1985, 1995 and 1996.&nbsp; Where would I get Form 8606 for 1985?&nbsp; &nbsp;</P><P>&nbsp;</P><P>What could I use as a reasonable cause explanation to avoid the non-filing fee of $50?&nbsp; I was preparing my taxes manually for these years and did not realize that I was required to file Form 8606.&nbsp; &nbsp;I wonder what has been the experience of other people in this chat.&nbsp; &nbsp;Must I include the $50 fee upon filing or do I wait to be billed by IRS?</P><P>&nbsp;</P><P>thanks much</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp; &nbsp;&nbsp;</P>
</description>
<pubDate>Fri, 12 Jun 2020 04:44:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630634#M106980
</guid>
<dc:creator>luvlondon</dc:creator>
<dc:date>2020-06-12T04:44:54Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630657#M106981
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="2391899"></LI-USER>&nbsp;wrote:<BR /> <P>Hi...</P> <P>I failed to file 8606 for non-deductible IRA contributions for 1985, 1995 and 1996.&nbsp; Where would I get Form 8606 for 1985?&nbsp; &nbsp;</P> <P>&nbsp;</P> <P>What could I use as a reasonable cause explanation to avoid the non-filing fee of $50?&nbsp; I was preparing my taxes manually for these years and did not realize that I was required to file Form 8606.&nbsp; &nbsp;I wonder what has been the experience of other people in this chat.&nbsp; &nbsp;Must I include the $50 fee upon filing or do I wait to be billed by IRS?</P> <P>&nbsp;</P> <P>thanks much</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp; &nbsp;&nbsp;</P> <HR /></BLOCKQUOTE> <P>Do NOT send the $50 penalty.&nbsp; If the IRS imposes it then they will bill you. &nbsp; The explanation can be anything that is reasonable.</P> <P>&nbsp;</P> <P>Past years 8606 forms from 1987 to present can be found here:</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false" target="_blank" rel="noopener">https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false</A></P> <P>&nbsp;</P> <P>I do not believe that there is any 1985 8606 form because the Tax Reform Act of 1986 created the 8606 form and was effective starting in 1987 so it did not exist prior to 1987. Prior to 1987 I do not believe that it was possible to make a non-deductible Traditional IRA contribution.</P> <P>&nbsp;</P> <P>&nbsp;</P>
</description>
<pubDate>Fri, 12 Jun 2020 14:36:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630657#M106981
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-06-12T14:36:28Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630674#M106982
</link>
<description>
<P>Thank you very much!</P><P>&nbsp;</P><P>That explains why I could not see Form 8606 for 1985.&nbsp; But I got a Form 5498 in 1985 from Vanguard showing contributions to IRA for that year and with the corresponding market value at end of the year.&nbsp; &nbsp; In 1988, I also got Form 5498, no contribution but with market value of the account at end of the year.&nbsp; &nbsp;Any thoughts then as to whether the 1985 contribution should form part of the cost basis?</P>
</description>
<pubDate>Fri, 12 Jun 2020 05:24:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630674#M106982
</guid>
<dc:creator>luvlondon</dc:creator>
<dc:date>2020-06-12T05:24:08Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630750#M106984
</link>
<description>
<P>Traditional IRAs don't have a "cost" basis, they have basis in nondeductible contributions.&nbsp; Since nondeductible contributions were not permitted until 1987, a contribution made for 1985 did not add to basis in nondeductible traditional IRA contributions, even if you failed to deduct a permissible contribution.</P><P>&nbsp;</P><P>Having a Form 5498 for a particular year just means that you made an IRA contribution for that year.&nbsp; IRA contributions first became permissible in 1975.&nbsp; I'm not sure when Form 5498 was introduced, but it was before 1987; I have one from 1986.</P>
</description>
<pubDate>Fri, 12 Jun 2020 11:43:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630750#M106984
</guid>
<dc:creator>dmertz</dc:creator>
<dc:date>2020-06-12T11:43:36Z</dc:date>
</item>
<item>
<title>
Re: I neglected to file my non deductible IRA contributions on an 8606 for many years ....Is there anything I could do now???
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630968#M106988
</link>
<description>
<P>The earliest 5498 that I can find is 1983.&nbsp; And it only has one box on it - box 1 "IRA or SEP contributions".</P>
</description>
<pubDate>Fri, 12 Jun 2020 14:47:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-i-neglected-to-file-my-non-deductible-ira-contributions-on-an-8606-for-many-years-is-there/01/1630968#M106988
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-06-12T14:47:28Z</dc:date>
</item>
<item>
<title>
Re: You can file delinquent Forms 8606, even as far back as 1...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701809#M111132
</link>
<description>
<P>Can you repost that link (the as far as 1995 one). It is broken. I'd like to see it is possible, I'm dealing with this situation.&nbsp;</P>
</description>
<pubDate>Fri, 31 Jul 2020 14:23:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701809#M111132
</guid>
<dc:creator>Chickpea</dc:creator>
<dc:date>2020-07-31T14:23:21Z</dc:date>
</item>
<item>
<title>
Re: You can file delinquent Forms 8606, even as far back as 1...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701819#M111134
</link>
<description>
<BLOCKQUOTE><HR /><LI-USER uid="2604701"></LI-USER>&nbsp;wrote:<BR /> <P>Can you repost that link (the as far as 1995 one). It is broken. I'd like to see it is possible, I'm dealing with this situation.&nbsp;</P> <HR /></BLOCKQUOTE> <P>The link for past years 8606 form works for me:</P> <P>&nbsp;</P> <P><A href="https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false" target="_blank">https://apps.irs.gov/app/picklist/list/priorFormPublication.html?indexOfFirstRow=0&amp;sortColumn=sortOrder&amp;value=8606&amp;criteria=formNumber&amp;resultsPerPage=25&amp;isDescending=false</A></P> <P>&nbsp;</P> <P>(There are several pages of the forms so you need to go to page 2 for 1995)</P>
</description>
<pubDate>Fri, 31 Jul 2020 14:47:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/re-you-can-file-delinquent-forms-8606-even-as-far-back-as-1/01/1701819#M111134
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2020-07-31T14:47:07Z</dc:date>
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