Filing Corrected Form 8606 | Ed Slott and Company, LLC

Filing Corrected Form 8606

The basis for my nondeductible traditional IRA contributions was incorrectly reported for 6 consecutive tax years, 2010 through 2015. I have gone through the records and re-calculated the correct basis for each year, and filled out revised forms. Since no distributions or conversions occurred during this time period, the only change to my tax returns for these years are lines 3, 4 and 14 on Form 8606. May I submit just corrected 8606 forms to the IRS for these years, or are there additional forms that should accompany them (e.g., 1040s)? Also, do I submit these forms to my usual tax return location or is there a special office that handles this?

Submit the 8606 forms together with an explanation why you are showing a changed IRA basis and be clear that since there were no distributions taken during this period, that taxes for all these years are not affected.  Then hope the IRS understands there should be no need for a 1040X. Send the forms to your IRS filing center. There is no special office.

 

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