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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
We made nondeductible contribution to IRA on six tax returns and filed FORM 8606 for each of those years. I no longer have these forms because it was so long ago. Now I want to take a distribution from the IRA and of course it should be nontaxable because it is the basis. Is it necessary to have copies of original 8606? Will Turbo Tax generate a Form 8606 if I take this distribution? Any other issues I should be aware of if I take the distribution?
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
The only form 8606 you need is the last one you filed showing the cumulative non deductible total. If you don't have this form in hand (and you cannot get a copy) for the amount then you will need to recompute the amount yourself.
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
It will not be non-taxable because it is not the basis.
You cannot take the basis out first.
you take a fraction of the basis proportional to the distribution over the total value.
That is the calculation on Form 8606.
Enter the total non-deductible amount from prior years on Line 2 assuming this is your first distribution from the IRA.
The old Forms 8606 are important if the IRS asks to see them.
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
was this a TRAD IRA or a ROTH IRA?
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
I know the amount that we contributed that was non deductible from a spreadsheet I created. I just don't have a copy of FORM 8606. ...just not sure I need it...
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FORM 8606 NONDEDUCTIBLE IRA CONTRIBUTIONS
I see what you are saying now that I look at FORM 8606. So the part that is non taxable is only a portion of the distribution. Yes it will be my first distribution. Hopefully the IRS would not require a document that was filed 36 years ago.....THANKS!!!
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