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Retirement tax questions
@goyal_raj wrote:
Thanks for your reply.
YEs, I got that. My question was that I would also have to maintain a basis for my Roth IRA in case i take early distributions. Where do i see that, if at all on the tax forms? I believe it would be 17592 for me till now.
Thanks,
Rajesh
I thought your question was about your wife's IRA, IRA's are Individual and not combined. Nothing about *your* IRA goes into it at all.
If you wife's IRA was ALL converted then the year end value should be zero for *her* IRA. That is why the calculations are not working.
There are two 8606 forms - a 8606-T (taxpayer) and 8606-S (spouse). The taxpayer is the person listed first on the tax return.
Also be sure that the 1099-R was entered for your wive and not you. The interview asks which spouse it is for.