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Personal Finance (Not Investing) • Oops! - Forgot to file Form 8606 for Roth conversion

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I made my first Roth conversion in 2022. And I neglected to complete Part 2 of Form 8606, which is used to report Roth conversions.

I have already filed my tax return for 2022 using IRS Free File Fillable Forms. The return has been "accepted" by the IRS.

What should I do? Should I complete Form 8606 now and mail it to the IRS? Or can I use FFF to file Form 8606 now, even though I've already used it for my 1040 filing for 2022? Or is there a third way that I haven't thought of.

Thanks in advance.
I'm facing a similar dilemma but on a larger scale. I recently discovered that for 8 years through 2018, I never filed forms 8606 for fully taxable Roth conversions. I had thought that the brokerage reporting of the taxable conversions to the IRS was all that was needed. Any withdrawals from the Roth would be fully qualified by virtue of my age and the amount of time the Roth account has been open, so basis should not matter at withdrawal time. Nevertheless, I'm wondering how to mail in these forms -- as a batch or one at a time or...? No taxable amounts -- or any numbers on the 1040's -- will change and I've already paid timely the appropriate taxes on the conversions, so I'm hoping that 1040-X's will not be requested. And do I send these back 8606 forms to a special IRS address or just to the standard one for residents of my state?
I’ve heard nothing from the IRS on my failure to file 8606 for 2022.

It sounds like you’ve heard nothing on your failure to file for 8 past tax years.

And we’ve both fully paid the taxes due.

I’m leaving well enough alone until the IRS asks for back 8606 forms. And I expect that will never happen.

And I WILL file an 8606 along with my 2023 form for conversions done last year.
And from everything I can gather, when withdrawing funds from the Roth, the withdrawal will be Qualified for folks like me over 59.5 with a Roth account that has been open more than 5 years, so the 1099-R should have a "Q" (qualified) designation that will make it unnecessary to file a 8606 (or supply any information about basis) at that time.

Statistics: Posted by JayB — Sun Jan 28, 2024 9:37 am — Replies 82 — Views 6951



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