Forumsee logo
Forumsee » Finance and investment » Stocks and Funds » Read message
RSS: Subscribe to RSS

Incorrect total basis on form 8606 for a prior year

Bogleheads • View forum - Investing - Help with Personal Investments - www.bogleheads.org
I contributed the maximum amounts to a traditional IRA for 2010, 2011, and 2012.

When filing my 2010 taxes, I correctly put the total basis on form 8606 as $0.

When filing my 2011 taxes, I mistakenly put the total basis on form 8606 as $0.

I have two questions:

1. What should I put as my total basis on form 8606 when filing my 2012 taxes? Turbotax automatically put the basis in as $5,000 (calculated from my 2011 taxes), and when I tried to change it to $10,000, it said I should add an exaplanatory note. Is this the correct way to proceed? Or should I keep the total basis as $5,000?

2. Do I need to amend my 2011 taxes to correct the cost basis? If so, what exactly needs to be done? Do I just send the IRS an 8606 form with the change, or do I need to send them my entire taxes for 2011 with the change?

Thanks!
Date: Mar 26, 2013   



Last videos:

John Oliver on Credit Reports
John Oliver on Credit Reports
Mark Douglas - Mind over Market
Mark Douglas - Mind over Market
Watch Mr. Ashish Andani, Trifid Research Live On Zee Business
Watch Mr. Ashish Andani, Trifid Research Live On Zee Business
Kraken Sonar PNG thoughts ?
Kraken Sonar PNG thoughts ?
Trifid Research Experts On Zee Business "midcap Shares"
Trifid Research Experts On Zee Business "midcap Shares"
Is this real 2000% profit in 3 months in indian equity
Is this real 2000% profit in 3 months in indian equity
Just To Share Today Morning We Had Given
Just To Share Today Morning We Had Given
Mr Ashish Andani, Trifid Research Discussed On Nifty Trend And Effect Of Budget
Mr Ashish Andani, Trifid Research Discussed On Nifty Trend And Effect Of Budget

Cars ·
Travel ·
production-frontend