Didn't include form 8606 for non deductible it's contribution, issue?
Hey all, as the title says I didn't include form 8606 on my recent return. I had contributions to a traditional IRA, but they were non deductible due to my income level. Seeing as it has no effect on my tax burden, does it matter? Looking at the form, it looks like I can submit it by itself instead of part of a tax return. Should I still do this or does it not matter since I'm not claiming anything?
Posted May 18, 2021, 2:33 PM UTC
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Yes, it matters. If you do not file it, your contributions will be taxed a second time at distribution.
Yeesh thats not good. Thanks, I'll have to amend I guess
Don't need to amend. You can fill out 8606 and mail it separately.
Even better, thanks
DO NOT FORGET to turn that form over and sign/date it!
(The back of form 8606 is otherwise rarely used/seen.)
Also make sure to carry the basis forward to next year's Form 8606 (etc) until the basis is either fully withdrawn or converted (to Roth).