Get 8606 Form 1994

Filing Form 8606 is essential for reporting nondeductible contributions to your IRA. This guide provides a straightforward approach to completing the form online, ensuring you understand each section and its requirements.

Follow the steps to accurately complete the 8606 Form 1994 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Provide your name and social security number. If married, ensure to fill out a separate Form 8606 for your spouse.
3. Complete your home address, including street number and P.O. box if applicable. Only include your address if you are filing this form independently.
4. Enter your IRA contributions for 1994 that you intend to classify as nondeductible. Include those contributions made between January 1, 1995, and April 17, 1995, specifically for 1994.
5. Input your total IRA basis from the previous year, including amounts from 1993 and earlier.
6. Sum line 1 and line 2, recording the result on line 3.
7. Indicate whether you received any IRA distributions in 1994. If 'No', transfer the amount from line 3 to line 12 and stop there. If 'Yes', proceed to line 4.
8. Input contributions made during the period between January 1, 1995, and April 17, 1995, corresponding to line 1.
9. Subtract line 4 from line 3 and document this figure on line 5.
10. Enter the total value of all your IRAs as of December 31, 1994, plus any outstanding rollovers on line 6.
11. Report total IRA distributions received in 1994, excluding any amounts rolled over before January 1, 1995, in line 7.
12. Combine the figures from lines 6 and 7 and record the sum on line 8.
13. Divide line 5 by line 8 and note the result on line 9. Ensure this figure does not exceed 1.00.
14. Multiply the value from line 7 by the decimal recorded in line 9, documenting this on line 10.
15. Subtract the value in line 10 from line 5 to determine the basis in your IRAs as of December 31, 1994, and input this figure on line 11.
16. Finally, add lines 4 and 11 to conclude your total IRA basis for 1994 and earlier years. Fill this result in line 12.
17. If you are not filing Form 8606 with your tax return, sign the form to declare its accuracy and completeness.

Start completing your documents online now to ensure timely and accurate submissions.