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Retirement tax questions
If a 2017 distribution it goes on the 2017 tax return.
Did you report the 2016 non deductible contribution on your 2016 tax return and filed a 8606 reporting the non-deducible basis on lines 1,3 and 14?
When you enter the 2017 1099-R it will ask if you tracked your prior year non-deductible contributions - say yes, then enter the 2016 8606 form line 14 carry forward basis to offset the 2017 distribution.
Did you report the 2016 non deductible contribution on your 2016 tax return and filed a 8606 reporting the non-deducible basis on lines 1,3 and 14?
When you enter the 2017 1099-R it will ask if you tracked your prior year non-deductible contributions - say yes, then enter the 2016 8606 form line 14 carry forward basis to offset the 2017 distribution.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 6, 2019
8:24 AM