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Retirement tax questions
The 1099-R isn't enough. You also need Form 8606 to report other IRA-related transactions where the government needs to track the status of your money.
From What is IRS Form 8606: Nondeductible IRAs :"Other uses for IRS Form 8606" - The form is not just for reporting nondeductible contributions to traditional IRAs. You also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed. Form 8606 is also used when you:
- Take distributions from a Roth IRA
- Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
- Convert a traditional, SEP or SIMPLE IRA into a Roth IRA
June 6, 2019
7:45 AM