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rougutou
New Member

Filed 8606 for nondeductible IRA contribution but didn't actually make the contribution, do I need to amend a corrected 8606?

I filed my tax return days ago thinking I'd contribute $6.5k after-tax money to traditional IRA for year 2023 before the April 15 deadline but just learned that my deposit wouldn't reach the account until after April 15. So in fact I ended up making no nondeductible contribution at all for 2023. Since I already reported that $6.5k on 8606 along with my 2023 tax return, I wonder if I need to amend a 8606 to change this amount to 0 and correct the total basis for IRA? And if I do need to amend, should I wait until I receive my tax refund?

 

I tried to amend the return in Turbo Tax but it doesn't allow me to generate a new 8606 since the new form would contain all 0s. IRS also doesn't recommend amending a return with 1040X if nothing on the original1040 changes but another post here mentioned that you cannot amend 8606 by itself without filing 1040X. Hence I'm confused what to do next. Appreciate any guidance!

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1 Reply
DanaB27
Expert Alumni

Filed 8606 for nondeductible IRA contribution but didn't actually make the contribution, do I need to amend a corrected 8606?

If nothing changes on your 2023 return then you can file the corrected 2023 Form 8606 by itself, and mail this form 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.

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