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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!


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