I made nondeductible contributions to my traditional IRA back in 2015, but forgot to file Form 8606. Would you please advise how to correct it? Do I need to re-file the 2015 tax or just send the 2015 Form 8606 to IRS? Thanks.
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You can file the 2015 Form 8606 by itself.
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.
Thanks! Just to confirm ... I can fill and print out form 8606 and mail it to IRS (no need to refile the tax return), am I right? Thanks!
That is correct.
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