mistake made on form 8606...only noticed after I filed..can I fix it?

[user17748015245]

Hi, really bad mistake on my part. I was having difficulty getting my Ira basis entered for my Ira to Roth conversion for form 8606 since there is no actual form to see when your going through the question/answer stuff. Someone here was very helpful and I was able to get it entered. I looked over the prepared forms, they looked ok, so I filed 3/31/26. However I neglected to notice that the generated 8606 form did not have an entry for line 6 "Enter the value of all your traditional IRAs as of December 31, 2025, plus any outstanding rollovers. Subtract certain 2025 retirement plan distribution repayments treated as rollovers, if any. See instructions"

I don't remember even getting a question about entering them.  Anyway I did the calculations over by hand yesterday and my basis is actually about $150 less than the basis I had entered which showed up on line 2 of the form.

Is there anyway for me to submit the correction and is there a big penalty for this error?  (And also because of the omission my basis going forward for 2026 is going to be incorrect). 

I'm actually getting a refund of a couple of thousand dollars.  This is my first time ever doing an e-filing and of course I've made a dumb mistake.

Any advice would really be appreciated.

Thanks

Dave

[MaryK4 · Accepted solution]

Do not try to fix it until your original return has been fully processed and you have the "couple of thousand dollars" refund in your bank account. If you send an amendment now, it can freeze your original refund for months.

1. Once your refund arrives, you will need to file Form 1040-X (Amended Return) along with a corrected Form 8606.  After your refund is received, log back in and look for the link that says "Amend (change) a filed return."
2. Go to Wages & Income > IRA, 401(k), Pension Plan Withdrawals (1099-R) and look for the screen that asks "What was the total value of all your traditional IRAs on Dec 31, 2025?" 
3. Update your basis to the correct amount. This will automatically flow to your new Form 8606.

[user17748015245]

Thank you so much! I was feeling lost over this.

Dave