If you have been reporting like this in recent years, while the IRS routinely misses incorrect 8606 forms, if you did not file it at all and also reported 0 on line 4b, you can expect the IRS to catch up to that at some point.Yes, I do get a 1099-R form each year. On my latest 1040, line 4a reads 6500 and line 4b reads 0.
While you have apparently failed to file the 8606 since 2018, the IRS statute of limitations has expired for the 2018-2020 tax years and the IRS cannot pursue the additional taxes unless the underreporting exceeded 25% of your taxable income, and that's unlikely.
Therefore, you would only need to amend your 2021-2023 returns.
Thus far, we have been addressing how the lack of an 8606 has resulted in underreporting of your taxable income, but if you have also not been reporting the ND contributions on Form 8606 either, you also need to do that.
Statistics: Posted by Alan S. — Mon Jun 24, 2024 9:55 am