The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  https://boards.fool.com/hi-mariam-i-did-the-same-thing-didnt-file-16939888.aspx

Subject:  Re: I didn't file the 8606 Date:  3/22/2002  2:14 PM
Author:  Aljo Number:  34025 of 94588

Hi Mariam,

I did the same thing (didn't file 8606s), and only discovered the error in 2000 after I had retired. After calling the IRS, and explaining my dumb error, they said I would have to do the following: (1) provide an explanation of why I didn't file the 8606s, (2) fill out back copies of the 8606s, (3) provide proof of purchase of the IRAs - copies of OMB No. 1545-0747, Form 5498, and (4) provide proof that deductible IRAs had not been claimed in those years - copies of form 1040.

After I had done that, they said they might not charge me with a penalty - if I was up front, honest and nice about the whole issue. I guess I must have met their goal for niceness or at least had my packet of material received on one of their better days - as I was not penalized for my omission.

If I were you I would start with a call to the IRS and explain the situation. Good luck.

Aljo
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us