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Retirement tax questions
If you do not file a Form 8606 to indicate nondeductible contributions to your traditional IRA, the distributions will be taxed as if you had deducted the contribution when you withdraw the money. (You will be taxed on the entire amount).
You do not have to use TurboTax, as it will have to be mailed to the IRS separately. You can get the Form 8606 (2022) and Instruction 8606 and complete the form and send it to the IRS. Note there is a $50 penalty for filing late unless reasonable cause can be shown.
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‎January 25, 2025
7:09 PM