Dave T Posted July 15, 2020 Report Share Posted July 15, 2020 I think I know the answer to this but just looking for confirmation. Client recently informs me that he neglected to tell me that he had made traditional IRA contributions for last several years. Turns out that he made too much each year so they are all non-deductible. I think I just need to amend the three years in question and include an 8606. The form says that it can be filed by itself but am not sure if that is the right approach in this situation. Thanks in advance Dave T Quote Link to comment Share on other sites More sharing options...
Max W Posted July 16, 2020 Report Share Posted July 16, 2020 I had a client that had made non-deductible contributions to an IRA for 19 years. Guess what! I had to prepare 19 of those 8606 forms - no 1040X's. 2 Quote Link to comment Share on other sites More sharing options...
Dave T Posted July 17, 2020 Author Report Share Posted July 17, 2020 Max - just wondering, did you submit them to the IRS or just retained for client's future reference? IRS says they can assess penalty for not filing form when necessary. Thanks Dave T Quote Link to comment Share on other sites More sharing options...
Randall Posted July 20, 2020 Report Share Posted July 20, 2020 I would just adjust the current one to include the carryover amount. If IRS questions, have your support ready. Quote Link to comment Share on other sites More sharing options...
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