Get the free IRS Form 8606

This form is used to report nondeductible contributions to traditional IRAs and distributions from traditional, SEP, and SIMPLE IRAs for the tax year 2009.

How to fill out irs form 8606

How to fill out IRS Form 8606

1. Obtain a copy of IRS Form 8606 from the IRS website or your tax software.
2. Provide your name and Social Security number at the top of the form.
3. Complete Part I if you made nondeductible contributions to a traditional IRA, reporting the total contributions for the year.
4. If you converted a traditional IRA to a Roth IRA, complete Part II by reporting the amount converted and any taxable portion.
5. Fill out Part III if you took distributions from a Roth IRA during the tax year.
6. Double-check all entries for accuracy.
7. Sign and date the form before submitting it with your tax return.

Who needs IRS Form 8606?

1. Individuals who made nondeductible contributions to a traditional IRA.
2. Those who converted a traditional IRA to a Roth IRA.
3. Taxpayers who took distributions from a Roth IRA.

People Also Ask about

Who needs to fill out form 8606?

An individual is responsible for filing Form 8606 each year that he/she: Makes a nondeductible contribution(s) to a traditional IRA, including a repayment of a qualified disaster, a qualified reservist, or a qualified birth or adoption distribution.

How do I know if my traditional IRA is deductible or nondeductible?

IRA eligibility Whether or not you can make deductible contributions to a traditional IRA depends on a few factors. You must: Fall below the threshold for modified adjusted gross income (MAGI) Have earned income (wages or self-employment income)

Can I file form 8606 electronically?

If Form 8606 is filed separately, it cannot be e-filed and must be printed out and mailed to the IRS. The taxpayer address and preparer information can be manually filled in after the form is printed.

What happens if I don't have form 8606?

Failure to file Form 8606 for a distribution could result in the IRA owner (or beneficiary) paying income tax and the additional 10 percent early distribution penalty tax on amounts that should be tax-free.

Who sends me form 8606?

Form 8606 is a tax form distributed by the Internal Revenue Service (IRS) and used by filers who make nondeductible contributions to an individual retirement account (IRA).

Where can I pickup IRS forms?

These forms and publications are available on the Internet, on CD-ROM, through fax on demand, over the telephone, through the mail, at local IRS offices, at some banks, post offices, and libraries, and even at some grocery stores, copy centers and office supply stores.

For pdfFiller’s FAQs

What is IRS Form 8606?

IRS Form 8606 is a tax form used to report non-deductible contributions to traditional Individual Retirement Accounts (IRAs) and distributions from these accounts, as well as conversions from traditional IRAs to Roth IRAs.

Who is required to file IRS Form 8606?

You are required to file IRS Form 8606 if you made non-deductible contributions to a traditional IRA, received distributions from your IRA, or converted your traditional IRA to a Roth IRA.

How to fill out IRS Form 8606?

To fill out IRS Form 8606, provide your personal information at the top, report your contributions and distributions on the appropriate lines, calculate any taxable amounts, and sign and date the form.

What is the purpose of IRS Form 8606?

The purpose of IRS Form 8606 is to track non-deductible contributions to traditional IRAs, report Roth IRA conversions, and to ensure that taxes are properly accounted for on IRA distributions.

What information must be reported on IRS Form 8606?

The information that must be reported on IRS Form 8606 includes the total non-deductible contributions made to traditional IRAs, distributions received, Roth IRA conversions, and basis in traditional IRAs.