amend 2010 to add 8606?
Taxpayer made a nondeductible IRA contribution in 2010 but did not file Form 8606. Should he now amend his 2010 tax return to report it?
If so, can he file a 2010 Form 8606 all by itself or should it be attached to an amended Form 1040? Will the IRS even accept an amended Form 1040 from 2010 at this point?
Thank you .
Permalink Submitted by Alan - IRA critic on Tue, 2015-01-27 17:53
It is too late to amend a 2010 return. But if the contribution was not deducted, the IRS should accept a stand alone 8606 for 2010 showing the amount of the non deductible contribution. However, if there were distributions done after 2010, those returns would have to be amended to reflect the added basis for 2010. If there were no distributions after 2010, but more non deductible contributions, the 8606 forms for those years should be included with the 2010 form so that the basis showing on the most recent 8606 is correct.