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Instructions for reporting nondeductible IRAs and the taxable amount of distributions/conversions from traditional and Roth IRAs for the year 1998.
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How to fill out form 8606
How to fill out Form 8606
01
Obtain Form 8606 from the IRS website or your tax software.
02
Fill out your name and Social Security number at the top of the form.
03
Complete Part I if you made nondeductible contributions to a Traditional IRA. Enter the contribution amount.
04
If you converted funds from a Traditional IRA to a Roth IRA, fill out Part II. Indicate the amount converted.
05
For Part III, if you took distributions from your IRAs, report the amounts and calculate the taxable portion.
06
Double-check all entries for accuracy.
07
File Form 8606 with your tax return or as a separate submission if required.
Who needs Form 8606?
01
Individuals who made nondeductible contributions to a Traditional IRA.
02
Taxpayers who converted a Traditional IRA to a Roth IRA.
03
Those who took distributions from IRAs that included both deductible and nondeductible amounts.
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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 by individuals to report nondeductible contributions to traditional IRAs, distributions from traditional, SEP, or SIMPLE IRAs, and conversions from traditional IRAs to Roth IRAs.
Who is required to file Form 8606?
You are required to file Form 8606 if you made nondeductible contributions to a traditional IRA, if you received distributions from your IRAs and have basis in nondeductible contributions, or if you converted an amount from a traditional IRA to a Roth IRA.
How to fill out Form 8606?
To fill out Form 8606, you need to enter your personal information, report any nondeductible contributions, indicate any distributions taken, and calculate your taxable amounts based on the traditional IRA balances and contributions.
What is the purpose of Form 8606?
The purpose of Form 8606 is to track and report nondeductible contributions to traditional IRAs and ensure that individuals do not pay taxes on those contributions when distributed.
What information must be reported on Form 8606?
Form 8606 requires reporting of nondeductible contributions to traditional IRAs, distributions from IRAs, conversions from traditional IRAs to Roth IRAs, and any amounts that are taxable or non-taxable.
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