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Retirement tax questions
Each year must be reported on the 8606 for that year of the IRS will disallow any use of the non-deductible contribution on a distribution. Line 14 on the last filed 8606 can only come from the previous 8606 form. They cannot be combined.
Note that the IRS "could" assess a $50 penalty for each missed 8606 form.
**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.**
‎February 15, 2020
9:49 AM