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.
Permalink Submitted by jon king on Wed, 2024-11-13 11:21
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.