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This document provides instructions for filing Form 8606 to report nondeductible contributions to traditional IRAs, distributions from IRAs, conversions from traditional IRAs to Roth IRAs, and recharacterizations
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How to fill out form 8606
How to fill out Form 8606
01
Obtain a copy of Form 8606 from the IRS website or your tax software.
02
Fill in your personal information at the top, including your name, Social Security number, and the tax year.
03
In Part I, indicate the amount of your nondeductible contributions to traditional IRAs for the year.
04
If you made any distributions from your traditional IRAs, complete Part II by providing the necessary details.
05
If you converted a traditional IRA to a Roth IRA, complete Part III to report the conversion.
06
Carefully review the form for accuracy and ensure all relevant sections are completed.
07
Attach the completed Form 8606 to your tax return when filing.
Who needs Form 8606?
01
Individuals who made nondeductible contributions to a traditional IRA.
02
Taxpayers who received distributions from traditional IRAs and have nondeductible contributions.
03
Individuals who converted a traditional IRA to a Roth IRA.
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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 to report non-deductible contributions to traditional IRAs, distributions from Roth IRAs, and conversions from traditional IRAs to Roth IRAs.
Who is required to file Form 8606?
Individuals who make non-deductible contributions to a traditional IRA, take distributions from a Roth IRA, or convert traditional IRA funds to a Roth IRA must file Form 8606.
How to fill out Form 8606?
To fill out Form 8606, you need to provide your personal information, report your non-deductible contributions in Part I, and report any distributions or conversions in the appropriate sections of the form.
What is the purpose of Form 8606?
The purpose of Form 8606 is to ensure that taxpayers report non-deductible IRA contributions and track the basis in their IRAs to avoid double taxation on distributions.
What information must be reported on Form 8606?
Form 8606 requires information on non-deductible contributions, distributions from Roth IRAs, conversions from traditional IRAs to Roth IRAs, and any basis in traditional IRAs.
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