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The 8606 says to first use the 8915-E. You may not need to file 8606, if you are net zero and file 8915-E. I always lean towards more is better than less after having to help locate nearly 30 years of 8606 forms for someone else. I suggest you keep a notebook with your forms showing basis, brokerage statements and W2 forms someplace separate and safe from your returns. See Form 8915-E: Qualified 2020 Disaster Retirement Plan Distributions and Repayments,
Form 8606 says: Coronavirus-related distributions.
If you or a member of your household was impacted by the coronavirus and you made withdrawals from your retirement plan in 2020 before December 31, you may have coronavirus-related distributions eligible for special tax benefits. Coronavirus-related distributions are reported on Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments, as qualified 2020 disaster distributions. See the Instructions for Form 8915-E. Your Form 8606 may be impacted by those distributions.
You must file Form 8606 if any of the following apply.
- You made nondeductible contributions to a traditional IRA for 2020, including a repayment of a qualified disaster or reservist distribution.
- You received distributions from a traditional, SEP, or SIMPLE IRA in 2020 and your basis in these IRAs is more than zero. For this purpose, a distribution doesn’t include a distribution that is rolled over (other than a repayment of a qualified disaster distribution (see 2020 Forms 8915-C, 8915-D, and 8915-E)), qualified charitable distribution, one-time distribution to fund an HSA, conversion, recharacterization, or return of certain contributions.
- You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2020 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.
- You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2020.
- You received distributions from a Roth IRA in 2020 (other than a rollover, recharacterization, or return of certain contributions—see the instructions for Part III, later).
- You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution. You may need to file more than one Form 8606. See IRA with basis under What if You Inherit an IRA? in Pub. 590-B for more information.
Use Form 8606 to report:
- Nondeductible contributions you made to traditional IRAs;
- Distributions from traditional, SEP, or SIMPLE IRAs, if you have a basis in these IRAs;
- Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs; and
- Distributions from Roth IRAs.
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