Filing mutiple 8606 + 1040 Amendments due to pro rata fix

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davebill90
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Joined: Sun Feb 11, 2024 8:45 pm

Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by davebill90 »

I need to file amendments for the tax years 2020, 2021, 2022 because I was not aware of the pro-rata rule when performing a backdoor roth IRA. I end up owning additional taxes to the IRS. I used TurboTax to efile them previously, but it is not letting me efile the amendments because the e-filing period has closed. So I will have to file the amendments by mail.

Since each year's filing is dependent on the previous year, should I just mail them all together - one package, multiple envelopes, multiple checks - or do I need to mail one year's amendments, wait for confirmation of receiving it, then mail the next one? I've looked on other threads (viewtopic.php?t=401844,viewtopic.php?t=371876), but advice seems to be all over the place.

And since I end up owning additional taxes, do I need to submit the entire tax filing or just the 1040-X and 8606 + Worksheet?

After I sort out this mess, I'm looking to rollover the non-basis portion of my tIRA into my company's 401k, and the basis portion into a Roth IRA - does that sound right, if so, how do I file the taxes the next year to reflect that?
toddthebod
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Joined: Wed May 18, 2022 12:42 pm

Re: Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by toddthebod »

You should mail them all in separate envelopes at the same time.

Given the three year clock has almost expired for your 2020 return, you might consider not mailing that one in...
Backtests without cash flows are meaningless. Returns without dividends are lies.
Topic Author
davebill90
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Joined: Sun Feb 11, 2024 8:45 pm

Re: Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by davebill90 »

Given the three year clock has almost expired for your 2020 return, you might consider not mailing that one in
Meaning, I won't need to pay the additional taxes either? That seems weird to me
toddthebod
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Re: Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by toddthebod »

davebill90 wrote: Mon Feb 12, 2024 8:10 am
Given the three year clock has almost expired for your 2020 return, you might consider not mailing that one in
Meaning, I won't need to pay the additional taxes either? That seems weird to me
Generally speaking, if you make a mistake on your return, and neither you nor the IRS catches it for three years, there is nothing to be done. It works both ways, though: no refund and no owed tax.

There are some exceptions, but I don't think this is one of them.
Backtests without cash flows are meaningless. Returns without dividends are lies.
Topic Author
davebill90
Posts: 3
Joined: Sun Feb 11, 2024 8:45 pm

Re: Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by davebill90 »

Generally speaking, if you make a mistake on your return, and neither you nor the IRS catches it for three years, there is nothing to be done. It works both ways, though: no refund and no owed tax.
That is good to know, in my case then should I just pay the additional tax due to Pro Rata for 2021 and 2022 then?
rkhusky
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Joined: Thu Aug 18, 2011 8:09 pm

Re: Filing mutiple 8606 + 1040 Amendments due to pro rata fix

Post by rkhusky »

davebill90 wrote: Mon Feb 12, 2024 4:46 pm
Generally speaking, if you make a mistake on your return, and neither you nor the IRS catches it for three years, there is nothing to be done. It works both ways, though: no refund and no owed tax.
That is good to know, in my case then should I just pay the additional tax due to Pro Rata for 2021 and 2022 then?
I think you should pay what you think you owe. Unfortunately, without a return, the IRS is apt to refund the excess back to you. I suppose you could always contribute to paying off the national debt.
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