Hi,
I just found out what is 8606 form used for.
And I've used Turbotax for 10 years and from 2021 to 2023, I had to use non-deductible IRA contributions because of my income limit.
But, when I checked the previous tax return that TurboTax generated, it did not have form 8606.
Whoever fails this,
Do you know how to revise or put the previous cost basis for non-deductible IRA contributions?
Thanks.
You'll need to sign in or create an account to connect with an expert.
If you made nondeductible traditional IRA contributions but didn't include Form 8606 on your 2021 and 2022 tax returns then you can file the 2021 Form 8606 and the 2022 Form 8606 by itself and mail them to your designated IRS office. Be sure to include your address on page 1 of the form and your signature and the date on page 2 of the form. Please see Instructions for Form 8606, Nondeductible IRAs for details.
Technically you can be fined $50 for failing to file the form on time, but the penalty can be waived if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dkonol2
Level 2
rougutou
New Member
1tttennjack
Returning Member
rand90210
Level 2
nilaytewari
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.