Questions tagged [form-8606]
Form 8606 is the US Internal Revenue Service tax form for determining the taxable portion of any non-deductible contributions to, distributions from, or conversions between the various IRA types. This tag can be used for questions about filing Form 8606 with tax return Forms 1040 or 1040NR, or on its own if amending a prior year's Form 8606.
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How to correct a Roth conversion pro-rata rule mistake on form 8606?
I have an after-tax IRA and pre-tax IRA. In 2022 I converted $30,000 from the pre-tax IRA to a Roth IRA. I wasn't aware of the pro-rata rule. According to pro-rata rule, I was supposed to convert $4,...
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Roth IRA recharacterizations, 1099-R, and Form 8606
I've accidentally landed myself in a super confusing situation with Roth IRA recharacterizations and would appreciate any pointers.
One simplifying factor is that there are only 2 accounts total ...
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182
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Re-characterization of Roth IRA to Traditional IRA Form 8606
I just successfully completed my re-characterization of Roth IRA to traditional IRA. I contributed $6000 to Roth IRA. The re-characterization took those $6000 + gains and put them in Traditional IRA.
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556
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During retirement, what if form 8606 is missed one year? Non-deductible traditional IRA contributions
What happens if, during retirement, you miss filing form 8606 one year?
Form 8606 is used to track non-deductible contributions to an IRA. In retirement those contributions can't be taken out all at ...
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IRA - Back Door Conversion, Tax Filling - 1040, 8606 and 1099R
I contributed to Roth IRA Account in Jan-2016 for FY 2016 and again I contributed to Roth IRA account in Jan-2017 for FY-2017.
When I was ready to file my tax return for 2016 in Feb-2017 I came to ...
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Catching up on 8606 forms for non-deductible IRA contributions
My fiance made non-deductible IRA contributions from 2005-2013. I know that form 8606 was not filed going back at least several years and I suspect it was never filed. I'd like to file the 8606 ...
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I incorrectly filed Form 8606 in 2013
I filed Form 8606 in my 2013 tax return even though I didn't have a nondeductible IRA (I had a Roth IRA). How do I correct this mistake? I now have to do a conversion from a traditional IRA to a Roth ...
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How to file form 8606 when doing a recharacterization followed by conversion?
I made a $5500 contribution to my Roth IRA in 2015 (T1).
Later I recharacterized this contribution. The market had gone down and I only got $5090 in my TIRA when the recharacterization happened (T2)....
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What are the appropriate forms to file when using a mega-backdoor?
For the backdoor (IRA -> Roth IRA, generally up to $5500 per year) conversion, we need to file Form 8606.
Are there any equivalent forms that must be filed for mega-backdoor (After-tax 401k -> Roth ...
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151
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How to file tax return when doing a backdoor roth conversion?
I contributed $5,500 to my Roth IRA in this year. Later on I realized I might not be eligible for a Roth IRA contribution so I recharacterized that contribution as a traditional IRA. The market had ...
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Do I file 1040 when amending if 1040 has not changed?
If I am amending my tax return by only updating form 8606 for which there is no change to any numbers on form 1040, do I need to include my 1040 over again? I know I need to include the 1040x, but it ...
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How to amend IRS form 8606?
How can I amend an IRS tax form 8606 (Nondeductible IRAs)? The form has a signature line, allowing it to be filed by itself, but I already filed one for the year in question and now need to amend it ...
- 1,793
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Can I elect for a deductible Traditional IRA contribution to be treated as non-deductible?
I made a $6k contribution to a traditional IRA in December 2010 for tax year 2010. I filed my tax return and incorrectly listed the contribution as a Roth contribution.
Can I amend my tax return to ...
- 1,793
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367
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Any advantage to non-deductible Traditional IRA contibutions?
The typical comparison between Traditional and Roth IRAs goes roughly as follows:
A traditional IRA allows you to invest pre-tax money into the account and it grows tax free. Once you withdraw the ...
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Convert Traditional IRA to Roth IRA when income limits are not satisfied by Roth IRA?
Our household MAGI (Modified Adjusted Gross Income) does not allow us to contribute the full amount to a Roth IRA for 2010. In that case is converting some part of Traditional IRA to Roth to complete ...
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678
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Do I really need to add Roth IRA contribution information to my tax return?
I've never quite understood what the purpose of a contribution form was for a post-tax contribution to a Roth IRA. I'm not getting a deduction for it or anything, after all. Is there any consequence ...
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IRA conversion when part of the contributions were non-deductible. Taxes owed?
I have a traditional IRA, which has money which has been contributed three different ways:
deductible IRA contributions
non-deductible IRA contributions
rollover from 401(k)
I'm looking at ...
- 1,698