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This form is used to report nondeductible contributions to traditional IRAs and distributions from traditional, SEP, and SIMPLE IRAs for the tax year 2002. It also addresses conversions from traditional
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How to fill out form 8606 - irs
How to fill out Form 8606
01
Obtain a copy of Form 8606 from the IRS website or a tax professional.
02
Fill out your personal information at the top of the form, including your name and social security number.
03
If you made non-deductible contributions to a traditional IRA, complete Part I by reporting the amount contributed.
04
If you converted any amount from a traditional IRA to a Roth IRA, complete Part II with the conversion amounts.
05
If you took distributions from your IRAs, complete Part III to report any distributions.
06
If applicable, fill out Part IV for reporting information about your Roth IRA basis.
07
Review the form for any errors or omissions.
08
Submit Form 8606 with your tax return or file it separately if needed.
Who needs Form 8606?
01
Taxpayers who made non-deductible contributions to a traditional IRA.
02
Taxpayers who converted a traditional IRA to a Roth IRA.
03
Taxpayers who took distributions from IRAs and need to report them.
04
Individuals who have a basis in Roth IRAs that they need to keep track of.
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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, as well as distributions from Roth IRAs and conversions from traditional IRAs to Roth IRAs.
Who is required to file Form 8606?
Individuals who make nondeductible contributions to a traditional IRA, individuals receiving distributions from a Roth IRA, and those converting amounts from a traditional IRA to a Roth IRA must file Form 8606.
How to fill out Form 8606?
To fill out Form 8606, you need to provide personal information, report the nondeductible contributions to your traditional IRA, and any distributions you may have taken from your Roth IRA. It's important to follow the instructions provided with the form carefully.
What is the purpose of Form 8606?
The purpose of Form 8606 is to keep track of nondeductible contributions to traditional IRAs and to report distributions from Roth IRAs to ensure proper taxation and record-keeping.
What information must be reported on Form 8606?
Form 8606 requires reporting of nondeductible contributions to traditional IRAs, distributions from Roth IRAs, conversions from traditional IRAs to Roth IRAs, and any basis in traditional IRAs.
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