rnelsonee t1_iyew63b wrote on November 30, 2022 at 9:46 PM

Reply to comment by BarnabyJonesNap in Need to correct form 8606? by BarnabyJonesNap

> I assume this is the origin of the mistake?

Yeah, sounds like it.

So yeah, just start with 2018 and put the basis to $0. This $0 cascades forward. April 2020 was the first year 1040-X could be electronically filed so this might not be that bad.

It's probably not a huge risk to just keep it correct going forward. Outside of an audit, no one will care if past 8606's are wrong, and if you do get audited, you have the facts on your side.

If it were me, and I could do it all electronically, I'd pour a glass of wine and spend half an hour submitting 1040-X's. If I couldn't do it electronically, I probably wouldn't bother.

BarnabyJonesNap OP t1_iyezl0q wrote on November 30, 2022 at 10:09 PM

I’ve never done an amendment before. Bummed that free fillable forms is gone. What’s the best way to dk that?

Or assuming I don’t file any amendments and sort of just fix it going forward, how would I do that, say with FreeTaxUSA or similar?