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  • 2012 8606 Form

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Ons increased. You can contribute to a Roth IRA for 2012 only if your 2012 modified adjusted gross income (AGI) for Roth IRA purposes is less than: $183,000 if married filing jointly or qualifying widow(er), $125,000 if single, head of household, or married filing separately and you did not live with your spouse at any time in 2012, or $10,000 if married filing separately and you lived with your spouse at any time in 2012. See Roth IRAs, later. Qualified charitable distributions (QCD). The provi.

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You can file delinquent Forms 8606, even as far back as 1995, on a standalone basis, meaning that you can file them without amending your tax returns. There can be a penalty of $50 for not filing Form 8606 on a timely basis, but the penalty can be waived if you can show reasonable cause for not filing.

If your client hasn't filed Form 8606 for prior years, that form can be filed on a standalone basis, and even past the usual three-year limit for requesting a refund. There may be a $50 penalty for failing to file Form 8606 when it was required, but it's possible to have that penalty waived for reasonable cause.

You don't have to file Form 8606 solely to report regular contributions to Roth IRAs. But see What Records Must I Keep, later.

Penalties. An individual who fails to file Form 8606 to report a non-deductible contribution will owe the IRS a $50 penalty. Additionally, if the non-deductible contribution amount is overstated on the form, a penalty of $100 will apply.

File Form 8606 if any of the following apply. You made nondeductible contributions to a traditional IRA for 2020, including a repayment of a qualified disaster or reservist distribution. You received distributions from a traditional, SEP, or SIMPLE IRA in 2020 and your basis in these IRAs is more than zero.

Use Form 8606 to report: Nondeductible contributions you made to traditional IRAs. Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs. Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs.

When an IRA owner (or beneficiary) has any traditional, SEP, or SIMPLE IRA which contain after-tax assets and he/she takes a distribution from any of his/her IRAs or beneficiary IRAs, Form 8606 must be filed for such year. The form is used to determine the prorated after-tax and pretax amounts distributed.

To fill out Form 8606, you'll need to gather your information about and nondeductible contributions you made during the tax year, along with the total basis you've built up in previous years (Line 14 from your most recent Form 8606).

A non-deductible IRA is a retirement plan you fund with after-tax dollars. So you can't deduct contributions from your income taxes as you would with a traditional IRA. However, your non-deductible contributions grow tax free.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232