My husband and I have made IRA contributions for years but this is the first year that I received notification that only a portion of our contributions is deductible. I understand that we each file a Form 8606 but I am confused about what to do with it. Does this carry over each year? If this happens in future years is the amount cumulative until retirement? When I take an RMD do I report the deductable and nondeductible portion or just state which "pool" of money it came from? I am 15 years away and don't want to mess up now.
Thanks, Karin
