IRS 8606 2015 free printable template

For Privacy Act and Paperwork Reduction Act Notice see separate instructions. Cat. No. 63966F Form 8606 2015 Page 2 2015 Conversions From Traditional SEP or SIMPLE IRAs to Roth IRAs any portion you recharacterized. Form Nondeductible IRAs OMB No* 1545-0074 Attach to Form 1040 Form 1040A or Form 1040NR* Part I Attachment Sequence No* 48 Your social security number Name. If married file a separate form for each spouse required to file Form 8606. See instructions. Fill in Your Address Only If You...Are Filing This Form by Itself and Not With Your Tax Return Information about Form 8606 and its separate instructions is at www*irs*gov/form8606. Department of the Treasury Internal Revenue Service 99 Home address number and street or P. O. box if mail is not delivered to your home Apt. no. City town or post office state and ZIP code. If you have a foreign address also complete the spaces below. Foreign country name Foreign province/state/county Foreign postal code Complete this part only if one...or more of the following apply. You made nondeductible contributions to a traditional IRA for 2015. You took distributions from a traditional SEP or SIMPLE IRA in 2015 and you made nondeductible contributions to a traditional IRA in 2015 or an earlier year. For this purpose a distribution does not include a rollover one-time distribution to fund an HSA conversion recharacterization or return of certain contributions. You converted part but not all of your traditional SEP and SIMPLE IRAs to Roth...IRAs in 2015 excluding any portion you recharacterized and you made nondeductible contributions to a traditional IRA in 2015 or an earlier year. Enter your nondeductible contributions to traditional IRAs for 2015 including those made for 2015 from January 1 2016 through April 18 2016 see instructions. Enter your total basis in traditional IRAs see instructions. Add lines 1 and 2. No Enter the amount from line 3 on line 14. In 2015 did you take a distribution Do not complete the rest of Part I....from traditional SEP or SIMPLE IRAs or make a Roth IRA conversion Yes Go to line 4. Enter those contributions included on line 1 that were made from January 1 2016 through April 18 2016 Subtract line 4 from line 3. Enter the value of all your traditional SEP and SIMPLE IRAs as of December 31 2015 plus any outstanding rollovers see instructions. Enter your distributions from traditional SEP and SIMPLE IRAs in 2015. Do not include rollovers a one-time distribution to fund an HSA conversions to a...Roth IRA certain returned contributions or recharacterizations of traditional IRA contributions see instructions. Enter the net amount you converted from traditional SEP and SIMPLE IRAs to Roth IRAs in 2015. Do not include amounts converted that you later recharacterized see instructions. Also enter this amount on line 16. Add lines 6 7 and 8. Divide line 5 by line 9. Enter the result as a decimal rounded to at least. 3 places. If the result is 1. 000 or more enter 1. 000. Multiply line 8 by...line 10. This is the nontaxable portion of the amount you converted to Roth IRAs.

Instructions and Help about IRS 8606

How to edit IRS 8606

How to fill out IRS 8606

Instructions and Help about IRS 8606

How to edit IRS 8606

To edit IRS Form 8606, utilize a PDF editing tool like pdfFiller. Open the form in the tool, make the necessary changes, such as entering the correct amounts for contributions or distributions, and save your edits. Ensure the information is accurate before submission, as errors can lead to complications.

How to fill out IRS 8606

Filling out IRS Form 8606 requires careful attention to detail. Start by entering your personal information at the top of the form, such as your name and taxpayer identification number. Next, follow these steps:

1. Complete Part I if you made nondeductible contributions to traditional IRAs.
2. Complete Part II if you received a distribution from your IRA.
3. Check all entries for accuracy before submitting the form.

Review the IRS instructions that accompany the form for specific line-by-line guidance.

About IRS 8 previous version

What is IRS 8606?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

Due date

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS 8 previous version

What is IRS 8606?

IRS Form 8606 is utilized to report nondeductible contributions to traditional Individual Retirement Accounts (IRAs) and distributions from IRAs when specific conditions apply. It is necessary for tracking the basis of IRAs to ensure tax compliance regarding distributions and conversions.

What is the purpose of this form?

The purpose of IRS Form 8606 is to ensure that taxpayers correctly report nondeductible contributions and distributions from their IRAs. By filing this form, individuals can avoid being taxed on their contributions again upon withdrawal. This helps maintain accurate records of contributions that have already been taxed.

Who needs the form?

Taxpayers need to file Form 8606 if they made nondeductible contributions to a traditional IRA, received distributions from a traditional IRA and did not deduct the entire contribution, or converted funds from a traditional IRA to a Roth IRA. If you fall into any of these categories, completing this form is crucial for proper tax reporting.

When am I exempt from filling out this form?

You are exempt from filing IRS Form 8606 if all your contributions to traditional IRAs are fully deductible, you have not received distributions from IRAs during the tax year, or if your only IRA transactions involved rollovers or conversions that do not require reporting.

Components of the form

IRS Form 8606 consists of several sections designed to capture relevant information about your IRA transactions. Key parts include:

1. Part I: Nondeductible contributions to traditional IRAs.
2. Part II: Distributions from traditional IRAs.
3. Part III: Conversions from traditional IRAs to Roth IRAs.
4. Part IV: Reporting the basis in IRAs.

Each part has specific lines for reporting amounts, which must be filled out carefully.

Due date

The due date for filing IRS Form 8606 generally aligns with your federal income tax return schedule. If you are filing by the April deadline, make sure to include the form by April 15 of the applicable year. If you are filing for an extension, ensure the form is submitted by the extended due date.

What are the penalties for not issuing the form?

Failure to file IRS Form 8606 when required can result in penalties. The IRS may impose a $50 penalty for failure to file the form properly. Additionally, not reporting distributions can lead to taxes owed on amounts that should have been disclosed, along with interest on any unpaid taxes.

What information do you need when you file the form?

When filing IRS Form 8606, you should gather the following information:

1. Your total contributions made to traditional IRAs for the year.
2. The amount of any distributions received from your IRAs.
3. The total basis of your IRAs from previous years.
4. Any conversions from traditional IRAs to Roth IRAs made during the year.

Having accurate records will help prevent errors during filing.

Is the form accompanied by other forms?

IRS Form 8606 does not need to be accompanied by other forms but may be submitted with your federal income tax return. If you have multiple IRAs or complex transactions, ensure each relevant transaction is reported correctly on separate forms or additional schedules as necessary.

Where do I send the form?

Send IRS Form 8606 to the address specified in the IRS instructions based on your filing status and whether you are including it with your tax return. If you are filing the form separately, refer to the IRS website for the most current submission addresses.

FAQ about IRS 8606

What should I do if I realize there is an error on my IRS 8606 after submission?

If you discover an error on your IRS 8606 after it has been submitted, you will need to file an amended tax return using Form 1040-X to correct the mistake. It's important to provide accurate information and documentation supporting your corrected entries. Keep in mind that any additional taxes owed should be paid as soon as possible to avoid penalties.

How can I check the status of my IRS 8606 submission?

You can check the status of your IRS 8606 submission by using the IRS 'Where's My Refund?' tool if you're expecting a refund, or by calling the IRS directly. Keep in mind that e-filed returns may be processed faster than paper submissions, and tracking may vary depending on the method of filing.

What should I do if my IRS 8606 submission is rejected?

If your IRS 8606 submission is rejected, the IRS will provide a reason, often in the form of a specific error code. You can correct the issue based on this feedback, and then resubmit the form electronically or by mail. Make sure to review the common rejection codes to prevent similar issues in the future.

Are electronic signatures accepted for IRS 8606 submissions?

Yes, IRS accepts electronic signatures for the IRS 8606 when filed electronically, making it easier and more efficient. Be sure to follow the e-filing requirements and ensure your software is compatible with IRS standards for electronic submissions.

What precautions should I take to ensure the privacy of my IRS 8606 information?

To protect your privacy while handling the IRS 8606, ensure that you are using secure channels for submission, such as reputable e-filing software or the IRS website. It's important to keep physical copies in a secured location and to be cautious about sharing personal information online to prevent identity theft.