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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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12
votes
0answers
521 views

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 ...
8
votes
1answer
457 views

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 ...
7
votes
2answers
177 views

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 ...
5
votes
2answers
2k views

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 ...
5
votes
1answer
258 views

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 ...
5
votes
1answer
110 views

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 ...
4
votes
3answers
660 views

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 ...
4
votes
1answer
3k views

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 ...
3
votes
1answer
114 views

During retirement, what if form 8606 is missed one year? Non-deductable 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 ...
2
votes
1answer
145 views

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 ...
2
votes
1answer
116 views

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 ...
1
vote
1answer
863 views

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)....
1
vote
1answer
81 views

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 ...
1
vote
1answer
627 views

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 ...