Amending basis on Form 8606 for prior years - 1040X required?

I recently discovered an error on my 8606 for 1994. I erroneously reported a nontaxable distribution of $92 on line 10 of the 8606 even though I didn't receive one. It was my first year using TurboTax and I mistakenly put an amount there. This caused my basis to be $92 too low. I have filed an 8606 5 more times since then so the erroneous basis has carried over to my most recent 8606.

This year I was doing an audit of my nondeductible IRA contributions and I discovered the mistake. I know I need to file an amended 8606 for each of those

6 tax years, but do I also need to file a 1040X for each of those years? The mistake did not affect my taxes due so all figures in column B of the 1040X will be zeroes and there will be no refund or amount due.

The instructions for amending an 8606 say "After you file your return, you can change a nondeductible contribution to a traditional IRA to a deductible contribution or vice versa. You also may be able to make a recharacterization (discussed earlier). If necessary, complete a new Form 8606 showing the revised information and file it with Form 1040X, Amended U.S. Individual Income Tax Return." Since I'm not changing a nondeductible contribution to a deductible one or recharacterizing an IRA, it's unclear to me what is meant by "if necessary".

Reply to
Vigo
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nontaxable distribution of $92 on line 10 of the 8606 even though I didn't receive one. It was my first year using TurboTax and I mistakenly put an amount there. This caused my basis to be $92 too low. I have filed an 8606 5 more times since then so the erroneous basis has carried over to my most recent 8606.

discovered the mistake. I know I need to file an amended 8606 for each of those

6 tax years, but do I also need to file a 1040X for each of those years? The mistake did not affect my taxes due so all figures in column B of the 1040X will be zeroes and there will be no refund or amount due.

I think I just answered my own question. I didn't read far enough into the instructions to find my answer. I see now that I only need to complete the identifying information section at the beginning and then submit an explanation of changes in Part II or III on the second page. Moderator, you can remove my post if necessary. Sorry I jumped the gun!

Reply to
Vigo

nontaxable distribution of $92 on line 10 of the 8606 even though I didn't receive one. It was my first year using TurboTax and I mistakenly put an amount there. This caused my basis to be $92 too low. I have filed an 8606 5 more times since then so the erroneous basis has carried over to my most recent 8606.

discovered the mistake. I know I need to file an amended 8606 for each of those

6 tax years, but do I also need to file a 1040X for each of those years? The mistake did not affect my taxes due so all figures in column B of the 1040X will be zeroes and there will be no refund or amount due.

instructions to find my answer. I see now that I only need to complete the identifying information section at the beginning and then submit an explanation of changes in Part II or III on the second page.

If I were the IRS, I wouldn't waste the taxpayer's money processing all those paper forms you are going to send in, as I'm sure it will cost more than the $30-40 of potential future income tax reduction you are claiming (a smaller amount in today's dollars).

Also, this is a Usenet newsgroup, copies of your post have already been propagated to numerous archives across the net, so the post can't really be "removed".

Reply to
Mark Bole

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