can i correct 8606 and mail it without 1040x amendent?

winter2025
winter2025 Member Posts: 2 Newcomer
in Filing my taxes

Hello,

I am filing 2024 and found out there was basis for previous years.

And it turned out in my 2022's form 8606,

i put line2 (total basis) wrong. Should be 0.

Therefore line 14 is wrong. Should be 0.

I did roth backdoor conversion right after desopit to traditional IRA.

Question1: Can I just mail 8606 (maybe together with 5498) with an explanation?

All my 1040 is unchanged.

Or I must do 1040X for amendent together with 8606?

Question 2:

Then for my 2024 tax return, i can put corrected previous year's basis number $0?

Thanks, winter

Answers

  • KeriC
    KeriC FreeTaxUSA Agent Posts: 186

    Winter,

     It's always best to file an amended return to make any changes, even if it doesn't change any calculations on your 1040. Once any prior year amended returns have been completed, you will use the corrected previous year's basis on your 2024 return.

  • winter2025
    winter2025 Member Posts: 2 Newcomer

    Thank you very much for the reply.

    I mailed the amended 2022 1040X but not sure if it's processed or not yet.

    I will use corrected previous year basis for 2024.

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