jtax
Level 10

Retirement tax questions


@Morrisecat wrote:

 If it should not have because we didn't touch the IRAs in 2021, do I just keep the 2020 Form 8606 and update from that the next time we convert the IRA with no 8606 forms for the years in between?  Or do I need to file Form 8606 for every year we have a basis even if we've had no new activity during that year?


As lawyers say "show me the authority." It is very hard to evaluate the soundness of  advice without a citation.

 

When a particular form is involved, a good place to start is the instructions for the form.

 

You only need to file an 8606 when you have a distribution from an IRA with basis. Distribution here includes a withdrawal, a conversion to a Roth, or sometimes for transfers of IRAs between spouses during a divorce. (There are some more requirements if Roth IRAs are involved.)

 

I would keep all of the 8606s but you are probably ok with just the last one filed.

 

see "Who Must File" on the first page of https://www.irs.gov/pub/irs-pdf/i8606.pdf

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