Discussion:Filing Form 8606
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Discussion Forum Index --> Tax Questions --> Filing Form 8606
| 23 March 2007 | |
| I have a client for which I have already e-filed their 2006 tax return. They have since contacted me and decided they want to make non-deductible IRA contributions for 2006. Question is, can the 8606 forms be signed and sent to the appropriate IRS service center by themselves, or does an amended tax return need to be done with the 8606 forms attached? | |
| 23 March 2007 | |
| If it were me -- I'd tell em to wait until next year because the returns have already been filed and the time it would take for me to file an amended return would cost them more than the tax benefit they'd be getting...Sorry, don't have patience with people who like to change things AFTER they have agreed that everything looks okay. You did ask them prior to filing the return if they wanted to do an IRA, right? That was their final answer -- tell them you'll credit to next years IRA deduction...but this year is done and over. | |
| March 23, 2007 | |
| The 8606 is really for our own info anyway. I'd let 'em do it, update my software and let it go at that. No effect on the return at all. Again, some would amend for this, I would not. | |
| 23 March 2007 | |
| It is a non deductible IRA no effect on return. Don't worry about 8606 form. Let them open it but why not ROTH? | |
| 23 March 2007 | |
| Thanks for the responses. ROTH not an option because AGI too high.
Specifically to Laticiaw...This happens to be a good client. One that has sent many referrals my way. I can see your point of view. However, if I took your approach to all of my clients, I don't think I would have built much of a practice over the years. | |
| 23 March 2007 | |
| Just did one....you can send the 8606 in stand-a-lone, just have them sign and date it. | |
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