@fulanimary wrote:
I used Vanguard,and in the traditional IRA the cash account is the settlement fund. Unfortunately it gained 7 cents by the time (which was the next day) their system allowed me to move the money into my Roth IRA account.
I also called them to move the money into my Roth IRA but I was told to wait for the money to settle before I could move it.
However for my first 8606 form which will be 2015 form 8606, on what line do I place the actual amount converted, the small earning of 7 cents e.t.c.
I'll need help in filling form 8606 for 2015, 2016, 2017, 2018 and 2019.
Thanks in advance for your reply
No. You enter the amount of the non-deductible contribution ONLY on the 8606 form. Any earnings converted are taxable in the conversion by 7 cents rounds to zero.
If you also has non-deductible contributions for years 2015-2019 and did not file 8606 forms at the time then you must file a 8606 for each year.
Include cover letter with an explanation and request a waiver of the $50 penalty for each missed year.
You can obtain blank 8606 forms and instructions for each year here:
https://apps.irs.gov/app/picklist/list/priorFormPublication.html;jsessionid=e_Zqxthumq6fZ7BUHdhqodRz...
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
