Get Form 8606 - Internal Revenue Service - Irs

Filling out Form 8606 is an essential step for individuals who have made nondeductible contributions to traditional IRAs or taken distributions from certain IRAs. This guide will walk you through the process of completing the form online, ensuring you understand each section and can provide the necessary information accurately.

Follow the steps to accurately complete Form 8606 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your social security number in the designated field. If you are married, ensure to file a separate Form 8606 for your spouse.
3. If you are filing this form alone and not with your tax return, fill in your address details, including street address, city, state, and ZIP code. If applicable, provide foreign address information.
4. Proceed to Part I, where you will enter details about nondeductible contributions you made to traditional IRAs for the tax year. Specify the contributions for the tax year as well as those made in the following months up to April 15 of the subsequent year.
5. Calculate your total basis in traditional IRAs and add the amounts as instructed. Follow the prompts in the form to determine if you're subject to any additional steps based on distributions from IRAs.
6. Complete the remainder of Part I based on the previous answers, particularly if you took distributions or converted funds to a Roth IRA. Ensure all calculations are correct before proceeding.
7. If you have completed Part I, move on to Part II if you converted any traditional IRAs to Roth IRAs. Enter the required values as guided in the form and assess the taxable amount.
8. If applicable, proceed to Part III if you took distributions from a Roth IRA. Follow the specific instructions for calculating qualified and nonqualified distributions.
9. Once all parts are filled out, ensure to review your entries for accuracy.
10. Finally, save your changes, download the completed form if needed, and print or share it as required.

Complete your Form 8606 online today to ensure compliance with IRS reporting requirements.