Amended with form 8606

[Dave T]

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

[Max W]

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.

[Dave T]

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

 

[Randall]

I would just adjust the current one to include the carryover amount.  If IRS questions, have your support ready.