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Retirement tax questions
Here is what you should do regarding Form 8606:
- File all the missing 8606 forms by themselves without amending your prior years' returns
- Explain to the IRS what happened and ask for penalty relief if lucky (reasonable cause defense)
Regarding your Roth IRA conversion:
- A separate IRA account won't make all of the conversion tax-free, because all your IRA accounts are aggregated
- If you have a 401(k) with your current employer, ask if the plan accepts rollovers from your IRA account. Try to roll over the old 401(k) money out of your IRA so that you can convert after-tax IRA contributions to your Roth IRA in the future, otherwise, a chunk of your rollover is taxable.
Here is a link to all prior years' 8606 forms.
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March 4, 2022
9:25 AM