should i amend form 8606 for 2022

Dear forum advisers,

I really need advice here. 2022 was first year i had RMD that was partially nondeductable ira. In 2023 I realized in 2022 I made mistake when entered $150K which was 40K too high an amount for value of all Traditional iras (line 6). after reworking the forms through 1040 with correct amount it showed I paid $20 too much tax. So for form 8606 of 2023 I entered the correct amount on line 6 for that year and sent with my 1040.  But have not amended 2022

So I could amend form 8606 for 2022 but should I? It would involve an amended 8606, new Qualified Dividends worksheet, and a 1040-X.  Net result $20 refund. not enough to be worth it, considering all the paperwork IRS would now scrutinize if i do amend.  Will this error on line 6 be a red flag anyway and better to show them i already fixed it?. I sent the 2022 tax forms in about a year ago (extension filed). I sent 2023 last month.  I read here that an amended 8606 sent alone will get returned asking to submit with a 1040-X. So that maybe not option.

I do not think I am required to amend, since an honest mistake that did not lower my tax, but should I?

I appreciate any help if you have experience with these issues. Thank you.

 

 

 

 



It is not worth it to amend your 2022 return for a $20 refund, and the IRS is not going to question your 2022 8606 for having too high an amount on line 6. The small amount of IRA basis not used in 2022 will be gradually recovered with every future distribution you take in the future.

Thank you for a prompt answer.  That is answer I was hoping for, but with no experience like you have, I could not decide what to do..  I trust your advice, so thanks for reading the forum and offering help.  It made my day not filling out all those forms.

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