Line 14 on Form 8606 did not deduct the basis for a non-deductible IRA contribution we made during the year, and had returned the same year. Any help on why not?

724680

Connect with an expert

Line 14 on Form 8606 did not deduct the basis for a non-deductible IRA contribution we made during the year, and had returned the same year. Any help on why not?

That works! I see that no Form 8606 is generated at all, which makes sense to me. Thanks again!

Line 14 on Form 8606 did not deduct the basis for a non-deductible IRA contribution we made during the year, and had returned the same year. Any help on why not?

Ultimately, the nature of the distribution is determined by how it is reported on your tax return. The IRS will by default expect the reporting to agree with the coding on the Forms 1099-R, but proper explanation and reporting on your tax return of the amounts distributed will override the incorrect coding on the $69 Form 1099-R.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post