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Retirement tax questions
When you say that TT does not fill out form 8606 correctly, do you mean it does not generate a form 8606 at all?
That is correct. if the amount of pre-tax money, in all your traditional IRAs, is sufficient to cover the entire amount transferred to charity, none of your basis is considered to have been removed. See the above reference, at SweetiJean's comment
This is different from a "normal" distribution (withdrawal) where you are required to treat a part of the distribution as basis.
That is correct. if the amount of pre-tax money, in all your traditional IRAs, is sufficient to cover the entire amount transferred to charity, none of your basis is considered to have been removed. See the above reference, at SweetiJean's comment
This is different from a "normal" distribution (withdrawal) where you are required to treat a part of the distribution as basis.
‎June 6, 2019
7:08 AM