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2009 Instructions for Form 8606 Nondeductible IRAs Section references are to the Internal Revenue Code unless otherwise noted. Department of the Treasury Internal Revenue Service General Instructions

How to fill out i8606 2009 form

How to fill out i8606 2009 form:

1. Obtain a copy of the i8606 2009 form from the Internal Revenue Service (IRS) website or your local IRS office.
2. Begin by entering your personal information, including your name, Social Security number, and address, in the designated fields.
3. Report any distributions you received from traditional, SEP, or SIMPLE IRAs in the appropriate section of the form. Include the total amount received and any applicable rollovers or conversions.
4. Determine the basis of your distributions, which refers to any nondeductible contributions you made to your IRA accounts. Calculate this amount carefully as it will affect the taxable portion of your distributions.
5. Include any conversions or rollovers from retirement plans outside the United States in the appropriate section of the form.
6. Complete the calculations outlined in the form instructions to determine the taxable amount of your distributions from traditional, SEP, or SIMPLE IRAs.
7. Deduct any basis and exemptions to arrive at the taxable amount for each distribution. Enter the appropriate values in the designated fields.
8. Total the taxable amounts and enter the final figure in the appropriate line of the form.
9. Sign and date the form, provide a daytime phone number, and attach any supporting documents as instructed in the form's instructions.
10. Make a copy of the completed form for your records and mail it to the IRS according to the instructions provided.

Who needs i8606 2009 form:

1. Individuals who have made nondeductible contributions to their traditional, SEP, or SIMPLE IRAs.
2. Individuals who have received distributions from traditional, SEP, or SIMPLE IRAs during the tax year.
3. Individuals who have converted or rolled over retirement plans from outside the United States.

Note: It is advisable to consult with a tax professional or refer to the IRS instructions for the i8606 2009 form to ensure accurate completion and submission.

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What is i8606 form?

The i8606 form is an IRS tax form used to report on non-deductible contributions made to individual retirement accounts (IRAs) and other information related to IRAs.

Who is required to file i8606 form?

Individuals who made non-deductible contributions to their IRAs or who had basis in their IRAs during the tax year are required to file the i8606 form.

How to fill out i8606 form?

To fill out the i8606 form, you need to provide personal information, IRA contribution details, and calculate the taxable amount. The specific instructions and guidelines are provided by the IRS on the form itself or its accompanying instructions.

What is the purpose of i8606 form?

The purpose of the i8606 form is to determine the taxable portion of distributions from IRAs when there are non-deductible contributions or basis involved.

What information must be reported on i8606 form?

The i8606 form requires reporting information on non-deductible contributions made to traditional IRAs, rollover or conversion transactions, and calculations to determine the taxable amount.