How do I correct a 2012 Form 8606
In going though past tax returns, I noticed that a 2012 Form 8606 shows the wrong name and SSN for the contribution. It should reflect my spouse — not myself. How do I correct this in 2017? Thank you in advance.
In going though past tax returns, I noticed that a 2012 Form 8606 shows the wrong name and SSN for the contribution. It should reflect my spouse — not myself. How do I correct this in 2017? Thank you in advance.
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Permalink Submitted by Alan - IRA critic on Wed, 2017-03-01 17:28
Send a corrected 8606 for 2012 to your IRS center for each spouse. This means that you also must correct any 8606 forms for later years and there would be one for each spouse that either made a non deductible contribution or took a distribution from the IRA, including conversions. That might also trigger amended returns for tax years still open in addition to the 8606.
Permalink Submitted by Robert Moseley on Wed, 2017-03-01 18:31
Thank you. No other IRA contributions were made after 2012. So, correct form 8606 for 2012 and I suspect that I will need to submit that with 1040x. If that is the case, do I need to enter all original values on the 1040x or do I just address the Form 8606 in PART III (and attach to the 1040x)? — my apologies for such a basic question.
Permalink Submitted by Alan - IRA critic on Wed, 2017-03-01 20:33
You can send the 8606 forms in without a 1040X. While you made no contributions since, you also need to not have taken any distributions since 2012 or the distributions would trigger a 1040X because the taxable portion was not figured correctly.
Permalink Submitted by Robert Moseley on Thu, 2017-03-02 13:26
Most appreciate the help.