Level 15

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.**