Reply To: Can 8606 be prepared differently and be acceptable to the IRS?

Home Fairmark Forum Retirement Savings and Benefits Can 8606 be prepared differently and be acceptable to the IRS? Reply To: Can 8606 be prepared differently and be acceptable to the IRS?

#7208
Lewis-H
Participant

If your client hasn’t filed Form 8606 for prior years, that form can be filed on a standalone basis, and even past the usual three-year limit for requesting a refund. There may be a $50 penalty for failing to file Form 8606 when it was required, but it’s possible to have that penalty waived for reasonable cause.