I have already filed my return for the year, but I now want to contribute to a non-deductible IRA for 2009. So far, based on the information I have been able to find, it sounds like I can make the contribution, and either: (a) File the 8606 right now separately by April 15. (No need to send in an amended return.) Is there is an extended deadline for this? (I read October 15 somewhere.) (b) File the 8606 with next year's return.
What would be recommended?
Anoop
You can do this by making the contribution by 04/15/10 and filing the 8606 as soon as possible.
The date for making an IRA contribution for the prior year is the due date of the return WITHOUT extensions.
You also need to check with where you're investing the money to see what their rules say about their receipt of the contribution. I know of investment companies that say they have to have the money in hand by 04/15 and I know of at least 2 investment companies that say they'll use the postmark on the envelope so you only have to MAIL it by 04/15.
Since today is 04/13 you need to know what your investment company's policy is, otherwise you may find you have to unwind the transaction.
Good luck, Gene E. Utterback, EA, RFC, ABA
Does this mean the Form 8606 can be sent in after 4/15?
I don't think that will be a problem because I'll open it online and fund it with money in a taxable account that is already at the brokerage.
Thanks for the response and for alerting me to the various issues.
Anoop
I'm in a similar situation. I already funded the IRA after I e-filed my tax return without including it.
I was going to file an amended return. Does this mean I just have to file the 8606. Can it be e-filed all by itself?
I used TurboTax to file my tax return, does anyone know how I'd do this with TT?
You must make the contribution no later than 4/15/2010. It will take
5 minutes to fill out and mail the 8606. Just do it and be done with it. As for option (b), you do not report Tax Year 2009 items on your Tax Year 2010 return.Phil Marti VITA/TCE Volunteer
Based on my research here and elsewhere you definitely do not need an amended return. All you need is to send in 8606.
I used turbotax as well. However, form 8606 is simple enough that you can download it and fill it manually. At least that's what I have done. I only need to try and mail it out some time tomorrow.
Anoop
But the data on this form needs to be carried forward to future years, doesn't it? TT normally imports data from the previous year's return, so I should still update it in there.
What I think I'll do is enter the corrected data, then print out just that form and mail it in.
Where do I find the address to send it to? Wouldn't it be great if I could just email them a PDF? But that would be too 21st century....
I thought about that too but figured I'd just deal with it next year.
I just used the same address that I used for my 1040.
Anoop
How 1990's of you. I haven't filed a paper return in years.
I found a page on the IRS web site where you can select your state and find out where to send the return.
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