No. of Recommendations: 0
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
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.