Form 8606- Amended return or Form only?

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RetireEarly421
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Joined: Tue Apr 13, 2021 10:18 am

Form 8606- Amended return or Form only?

Post by RetireEarly421 »

If I’ve already submitted my taxes and intend to make a non-deductible IRA contribution (to be converted as a Backdoor Roth) do I have to fully amend my tax return or can I fill out & submit Form 8606 separately?

I already filed my taxes a few months ago so would like to avoid the amended return route if I can just do form only by 5/17. Thanks!
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David Jay
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Re: Form 8606- Amended return or Form only?

Post by David Jay »

Form 8606 can be filed separately, no need to amend.

Form 8686 can even be filed separately for a number of past years, if necessary.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
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retiredjg
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Re: Form 8606- Amended return or Form only?

Post by retiredjg »

Making a non-deductible contribution after you have filed your taxes does not change anything on your tax forms. The IRS will accept a signed Form 8606 alone. No need to amend. It does have to be mailed.
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RetireEarly421
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Re: Form 8606- Amended return or Form only?

Post by RetireEarly421 »

Great- thank you both! Much appreciated
catchinup
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Re: Form 8606- Amended return or Form only?

Post by catchinup »

Am I correct my understanding that OP wants to make an after tax contribution for FY20 in FY21 so he wants to file the 8606 for FY20 to reflect this?

Question: If I made an after tax IRA contribution in 2021 for tax year 2021, and also converted it to Roth in 2021 (Back door Roth), shouldn't this be captured on my 2021 8606, which is not due until next year's tax deadline? I also made and converted an after-tax IRA contribution for 2020 in 2020, so I think that one is the only one that needs to be reflected on my 2020 8606.
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retiredjg
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Re: Form 8606- Amended return or Form only?

Post by retiredjg »

catchinup wrote: Sun May 09, 2021 12:27 pm Am I correct my understanding that OP wants to make an after tax contribution for FY20 in FY21 so he wants to file the 8606 for FY20 to reflect this?
That's how I read it.

Question: If I made an after tax IRA contribution in 2021 for tax year 2021, and also converted it to Roth in 2021 (Back door Roth), shouldn't this be captured on my 2021 8606, which is not due until next year's tax deadline?
Correct.
I also made and converted an after-tax IRA contribution for 2020 in 2020, so I think that one is the only one that needs to be reflected on my 2020 8606.
Correct.
catchinup
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Joined: Sun Dec 31, 2017 5:35 pm

Re: Form 8606- Amended return or Form only?

Post by catchinup »

retiredjg wrote: Sun May 09, 2021 12:36 pm
catchinup wrote: Sun May 09, 2021 12:27 pm Am I correct my understanding that OP wants to make an after tax contribution for FY20 in FY21 so he wants to file the 8606 for FY20 to reflect this?
That's how I read it.

Question: If I made an after tax IRA contribution in 2021 for tax year 2021, and also converted it to Roth in 2021 (Back door Roth), shouldn't this be captured on my 2021 8606, which is not due until next year's tax deadline?
Correct.
I also made and converted an after-tax IRA contribution for 2020 in 2020, so I think that one is the only one that needs to be reflected on my 2020 8606.
Correct.
thanks!
catchinup
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Re: Form 8606- Amended return or Form only?

Post by catchinup »

Related question: If I filed an extension for my personal tax return (1040) does that also encompass the 8606 which usually gets filed with the rest of my return?
Katietsu
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Re: Form 8606- Amended return or Form only?

Post by Katietsu »

catchinup wrote: Sun May 09, 2021 7:13 pm Related question: If I filed an extension for my personal tax return (1040) does that also encompass the 8606 which usually gets filed with the rest of my return?
Yes.
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