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This document provides instructions for Form 8606, which is used to report nondeductible contributions to traditional IRAs, distributions from IRAs, and conversions from traditional IRAs to Roth IRAs.
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How to fill out form 8606
How to fill out Form 8606
01
Download Form 8606 from the IRS website or obtain a physical copy.
02
Fill in your personal information at the top of the form, including your name and Social Security number.
03
Complete Part I if you made nondeductible contributions to a Traditional IRA, reporting the amount on line 1.
04
If you converted a Traditional IRA to a Roth IRA, complete Part II, entering the amount converted on line 16.
05
Use Part III to report distributions from your IRAs, filling in the required amounts.
06
Review the instructions provided with the form to ensure accuracy.
07
Sign and date the form before submitting it to the IRS.
Who needs Form 8606?
01
Individuals who make nondeductible contributions to a Traditional IRA.
02
Individuals who convert a Traditional IRA to a Roth IRA.
03
Individuals who take distributions from IRAs when they have previously made nondeductible contributions.
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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.
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 gives form 8606?
Filers who make nondeductible contributions to an IRA use IRS Form 8606. Any taxpayer with a cost basis above zero for IRA assets should use Form 8606 to prorate the taxable vs. nontaxable distribution amounts. File Form 8606 with Form 1040 or 1040NR by the due date, including due dates for extensions.
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).
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.
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What is Form 8606?
Form 8606 is a tax form used in the United States to report nondeductible contributions to traditional IRAs, distributions from traditional, SEP, or SIMPLE IRAs, and conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs.
Who is required to file Form 8606?
Individuals who make nondeductible contributions to a traditional IRA, receive distributions from IRAs when they have basis in nondeductible contributions, or convert traditional IRAs to Roth IRAs are required to file Form 8606.
How to fill out Form 8606?
To fill out Form 8606, taxpayers should provide their name and Social Security number, report the amount of nondeductible contributions made to traditional IRAs, calculate their basis in traditional IRAs, and report conversions or distributions from their IRAs. Each part of the form should be completed based on the specific transactions and contributions made during the tax year.
What is the purpose of Form 8606?
The purpose of Form 8606 is to ensure that individuals report nondeductible contributions to their IRAs, track their basis in traditional IRAs, and accurately report conversions to Roth IRAs to avoid being taxed on amounts that have already been taxed.
What information must be reported on Form 8606?
Information that must be reported on Form 8606 includes nondeductible contributions to traditional IRAs, distributions from traditional IRAs, the basis in traditional IRAs, conversions from traditional IRAs to Roth IRAs, and any other relevant amounts affecting an individual's tax situation related to IRA accounts.
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