Form 8606 is a form for reporting nondeductible IRAs. One of the purposes of filing this form is to keep track on your IRA nondeductible contributions to traditional IRAs so that the taxability of your future IRA distribution will be correctly calculated based on your IRA basis ( which are the nondeductible contribution portions). In addition, you also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed.
· Take distributions from a Roth IRA ( especially calculate the taxable amount of a nonqualified Roth IRA distribution.)
· Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
· Convert a traditional, SEP or SIMPLE IRA into a Roth IRA
If this form applies to you, please see the followings:
Since you have already submitted your return, at this point, you
cannot make any corrections to your tax return.
You have
two options:
If your
return got rejected for any reasons, you can return to the program/account to edit the info
along with other changes. You do not need an amendment 1040-X.
If your
return has been accepted, please see the following :
You will have
to amend your return by filing a Form 1040X. You should not try to
amend your return until it has been fully processed and you have received
your refund or your payment has cleared. If by editing the information
does not change the refund or amount you owe, you do not need to submit the
amendment.
Amended
returns do not “catch up” to your original return and replace them; they
are processed as two separate returns.
Amended
returns have to be printed and filed by mail. It can take the IRS up to
12 weeks or longer to process them. If you are due a larger refund than
on your original return, your amended return should only show the difference
and you will receive a separate check for it. If you owe money on your
amended return, it will show only the new amount owed, you will have to mail a
check with the return.
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