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Do I need to file form 8606-T if I had an early withdrawal from a traditional SEP IRA that is taxable and an early withdrawal from a roth IRA that is not taxable?

 
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DavidD66
Expert Alumni

Do I need to file form 8606-T if I had an early withdrawal from a traditional SEP IRA that is taxable and an early withdrawal from a roth IRA that is not taxable?

Yes, you need to file 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
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