BillM223
Expert Alumni

Retirement tax questions

The 8606 is the form for tracking non-deductible contributions in your IRAs. And yes, on line 6, it asks for the value of all your IRAs on 12/31/2022. HOWEVER, this same question is asked on form 5329, line 17, as it calculates the penalty you owe on excess IRA contributions.

 

Is it possible that non-deductible contributions in your IRAs, or the probably more common excess IRA contributions that were not withdrawn?

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