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Retirement tax questions
Suggest you update your copy on your computer that way it is available for next year's upload. One thing I believe folks do not realize is that the 8606 form also serves to recognize that your additional payments to IRA are recorded and credits given to your yearly submittals. It is not very apparent and it would have slipped by me if I did not ask a CPA some years ago. The CPA noted that the IRS does not give you lump-size credits - that the dollar amount is low compared to your investment and will take years to cover all amounts.
March 8, 2021
7:38 AM
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