Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

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userwithconcern
Posts: 88
Joined: Mon Dec 23, 2019 12:35 pm

Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by userwithconcern »

I mailed in a solo form 8606 with no 1040-X, representing an entirely non-deductible contribution i.e. no impact on taxable income, earlier this year after e-filing my return :(

I can see that my return has been amended when I go to check the status of amended return but the IRS tax transcript site does not show any updates. Is there any place where I can see the new numbers?

If the IRS does not receive my form 8606 properly, will the 6K I have put in be illegal and will I be asked to take it out or something like that? :(
Asyouwish
Posts: 9
Joined: Tue Aug 04, 2020 6:20 am

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by Asyouwish »

If there was no AGI change, TXI change or tax change what are you expecting to see? Your account transcript should have a TC290 for zero. That means a no change adjustment was made to your account, which is correct. The TC290 code means the paper was received. The 8606 was sent off to storage/files, or it was image scanned. If the document was scanned then there is a permanent image in computer storage that IRS employees can see.

In addition to the 8606, your IRA holder files a Form 5498 for the contribution. You and the IRS get a copy. That is more official to verify you made a contribution. Your tax return is also verification that you did or did not deduct the contribution.
Topic Author
userwithconcern
Posts: 88
Joined: Mon Dec 23, 2019 12:35 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by userwithconcern »

Asyouwish wrote: Tue Sep 15, 2020 9:28 am If there was no AGI change, TXI change or tax change what are you expecting to see? Your account transcript should have a TC290 for zero. That means a no change adjustment was made to your account, which is correct. The TC290 code means the paper was received. The 8606 was sent off to storage/files, or it was image scanned. If the document was scanned then there is a permanent image in computer storage that IRS employees can see.

In addition to the 8606, your IRA holder files a Form 5498 for the contribution. You and the IRS get a copy. That is more official to verify you made a contribution. Your tax return is also verification that you did or did not deduct the contribution.
I was hoping to see a filled out form 8606 :(

I do see a code 290 adjustment for $0 in my record of account for 2019. This must mean that the IRS did not reject the form, right (for example because it was missing a signature or something like that)?

Is a wrong 8606 reason enough to say that the non-deductible contribution was illegal and that the money needs to be taken out? I don't think mine is wrong and I most definitely did not claim any deduction for the 6K I contributed but I don't really have a way to verify that the IRS has the right numbers for form 8606...
tj
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Joined: Thu Dec 24, 2009 12:10 am

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by tj »

userwithconcern wrote: Tue Sep 15, 2020 9:42 am
Asyouwish wrote: Tue Sep 15, 2020 9:28 am If there was no AGI change, TXI change or tax change what are you expecting to see? Your account transcript should have a TC290 for zero. That means a no change adjustment was made to your account, which is correct. The TC290 code means the paper was received. The 8606 was sent off to storage/files, or it was image scanned. If the document was scanned then there is a permanent image in computer storage that IRS employees can see.

In addition to the 8606, your IRA holder files a Form 5498 for the contribution. You and the IRS get a copy. That is more official to verify you made a contribution. Your tax return is also verification that you did or did not deduct the contribution.
I was hoping to see a filled out form 8606 :(

I do see a code 290 adjustment for $0 in my record of account for 2019. This must mean that the IRS did not reject the form, right (for example because it was missing a signature or something like that)?

Is a wrong 8606 reason enough to say that the non-deductible contribution was illegal and that the money needs to be taken out? I don't think mine is wrong and I most definitely did not claim any deduction for the 6K I contributed but I don't really have a way to verify that the IRS has the right numbers for form 8606...
If you were to be audited, I would suggest communicating what the previous poster mentioned, which explains that they received it and processed it.

Chances are, it would require a lot of effort for them to find this form and inform you that you made a mistake.
retiredjg
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Joined: Thu Jan 10, 2008 12:56 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by retiredjg »

userwithconcern wrote: Tue Sep 15, 2020 9:42 am Is a wrong 8606 reason enough to say that the non-deductible contribution was illegal and that the money needs to be taken out? I don't think mine is wrong and I most definitely did not claim any deduction for the 6K I contributed but I don't really have a way to verify that the IRS has the right numbers for form 8606...
Do not be concerned about this. There are people who have not filed the form at all (many seem not to know about it) and then file a bunch of them 10 years later in order to correct the record and get it up to date.

It seems odd, but the IRS simply does not send you any confirmation that they have received this form.

You need to keep up with the form though. And all the subsequent ones (although some people feel comfortable with just keeping the last one). You will not need it until you take money from (edited) your traditional IRA which might be years from now.
Last edited by retiredjg on Wed Sep 16, 2020 10:45 am, edited 1 time in total.
Topic Author
userwithconcern
Posts: 88
Joined: Mon Dec 23, 2019 12:35 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by userwithconcern »

retiredjg wrote: Tue Sep 15, 2020 10:33 am
userwithconcern wrote: Tue Sep 15, 2020 9:42 am Is a wrong 8606 reason enough to say that the non-deductible contribution was illegal and that the money needs to be taken out? I don't think mine is wrong and I most definitely did not claim any deduction for the 6K I contributed but I don't really have a way to verify that the IRS has the right numbers for form 8606...
Do not be concerned about this. There are people who have not filed the form at all (many seem not to know about it) and then file a bunch of them 10 years later in order to correct the record and get it up to date.

It seems odd, but the IRS simply does not send you any confirmation that they have received this form.

You need to keep up with the form though. And all the subsequent ones (although some people feel comfortable with just keeping the last one). You will not need it until you take money from Roth IRA before your Roth IRA is qualified. You may not need it at all.
Thank you retiredjg. Would it be fair to assume that in the worst case, if my 8606 is wrong, I might have to fix it when asked by the IRS and maybe pay some penalties, but I won't have to take out any of my contributions?
retiredjg
Posts: 41662
Joined: Thu Jan 10, 2008 12:56 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by retiredjg »

userwithconcern wrote: Tue Sep 15, 2020 5:01 pm
retiredjg wrote: Tue Sep 15, 2020 10:33 am
userwithconcern wrote: Tue Sep 15, 2020 9:42 am Is a wrong 8606 reason enough to say that the non-deductible contribution was illegal and that the money needs to be taken out? I don't think mine is wrong and I most definitely did not claim any deduction for the 6K I contributed but I don't really have a way to verify that the IRS has the right numbers for form 8606...
Do not be concerned about this. There are people who have not filed the form at all (many seem not to know about it) and then file a bunch of them 10 years later in order to correct the record and get it up to date.

It seems odd, but the IRS simply does not send you any confirmation that they have received this form.

You need to keep up with the form though. And all the subsequent ones (although some people feel comfortable with just keeping the last one). You will not need it until you take money from Roth IRA before your Roth IRA is qualified. You may not need it at all.
Thank you retiredjg. Would it be fair to assume that in the worst case, if my 8606 is wrong, I might have to fix it when asked by the IRS and maybe pay some penalties, but I won't have to take out any of my contributions?
How could your Form 8606 be wrong?

What would you have to pay a penalty for?

Maybe I'm missing something, but I just don't think either of those things is possible. Tell us about your 8606 and why you did not file it with your taxes?
tibbitts
Posts: 11525
Joined: Tue Feb 27, 2007 6:50 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by tibbitts »

retiredjg wrote: Tue Sep 15, 2020 10:33 am You will not need it until you take money from Roth IRA before your Roth IRA is qualified. You may not need it at all.
Why would you need an 8606 to take money from a Roth?
Topic Author
userwithconcern
Posts: 88
Joined: Mon Dec 23, 2019 12:35 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by userwithconcern »

retiredjg wrote: Tue Sep 15, 2020 5:13 pm
How could your Form 8606 be wrong?

What would you have to pay a penalty for?

Maybe I'm missing something, but I just don't think either of those things is possible. Tell us about your 8606 and why you did not file it with your taxes?
I was initially not planning on contributing to my traditional IRA for 2019, and filed my 2019 return having made no IRA contributions. Then I thought I'd make use of the 6K for 2019 and contributed it for 2019 in 2020 after filing my taxes, and then filed an 8606 for 2019.

My 2019 form 8606 simply has a 6K non-deductible contribution indication (no IRA balance before this contribution).
Katietsu
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Joined: Sun Sep 22, 2013 1:48 am

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by Katietsu »

Stop worrying about this. The IRS has your form. They do not check it for accuracy. If they were to reject it for lack of a signature, it would be mailed back to you. Not filing a Form 8606 does not make your contribution illegal. In theory, there can be a penalty for not filing form 8606 but I have never heard of any being assessed this penalty.

Now, are you going to do a Roth conversion and learn how to fill out even more lines on 2020’s form 8606?
retiredjg
Posts: 41662
Joined: Thu Jan 10, 2008 12:56 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by retiredjg »

userwithconcern wrote: Tue Sep 15, 2020 9:01 pm
retiredjg wrote: Tue Sep 15, 2020 5:13 pm
How could your Form 8606 be wrong?

What would you have to pay a penalty for?

Maybe I'm missing something, but I just don't think either of those things is possible. Tell us about your 8606 and why you did not file it with your taxes?
I was initially not planning on contributing to my traditional IRA for 2019, and filed my 2019 return having made no IRA contributions. Then I thought I'd make use of the 6K for 2019 and contributed it for 2019 in 2020 after filing my taxes, and then filed an 8606 for 2019.

My 2019 form 8606 simply has a 6K non-deductible contribution indication (no IRA balance before this contribution).
This sounds like you did everything correctly. I don't think you have anything to worry about. They never confirm that they receive this form. If they do have a question, you will hear from them.
retiredjg
Posts: 41662
Joined: Thu Jan 10, 2008 12:56 pm

Re: Is it possible to get an IRS Transcript for amended return (Solo Form 8606)?

Post by retiredjg »

tibbitts wrote: Tue Sep 15, 2020 5:26 pm
retiredjg wrote: Tue Sep 15, 2020 10:33 am You will not need it until you take money from Roth IRA before your Roth IRA is qualified. You may not need it at all.
Why would you need an 8606 to take money from a Roth?
:oops: Thanks, I meant tIRA. I'll fix it.

But the 8606 (Part III) is used to take money from Roth IRA (unless your Roth IRA is qualified).
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