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8606Nondeductible IRAsDepartment of the Treasury Internal Revenue Service to www.irs.gov/Form8606 for instructions and the latest information. Attach to 2022 Form 1040, 1040SR, or 1040NR. FormOMB.
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Form 8606 FAQ
You don't have to file Form 8606 solely to report regular contributions to Roth IRAs. But see What Records Must I Keep, later. File 2022 Form 8606 with your 2022 Form 1040, 1040-SR, or 1040-NR by the due date, including extensions, of your return.
You must report the nondeductible traditional IRA contributions on Form 8606. You convert the funds shortly after you made the nondeductible contributions to avoid having taxable earnings. Your traditional IRA has a value of $0 at the end of the year.
Failure to file Form 8606 for a distribution could result in the IRA owner (or beneficiary) paying income tax and the additional 10% early distribution penalty tax on amounts that should be tax free.
Form 8606 is also used when you: Take distributions from a Roth IRA. Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions. Convert a traditional, SEP or SIMPLE IRA into a Roth IRA.
Form 8606 is a critical tax form to fill out if you have Individual Retirement Accounts, or IRAs. It reports and tracks the rollover eligibility of after-tax assets from these retirement plans.
A deductible IRA can lower your tax bill by allowing you to deduct your contributions on your tax return - you essentially get a refund on the taxes you paid earlier in the year. You fund a nondeductible IRA with after-tax dollars. You cannot deduct contributions on your tax return.
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.
Failure to file Form 8606 for a distribution could result in the IRA owner (or beneficiary) paying income tax and the additional 10% early distribution penalty tax on amounts that should be tax free.
Irs form 8606 2022 Related content
2022 Form 8606 - IRS
Nondeductible IRAs. Go to www.irs.gov/Form8606 for instructions and the latest...
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