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Form 8606 is Nondeductible IRAs. Form 8606 is used to report several situations.
One, nondeductible contributions made to a traditional IRA.
Two, distributions from IRAs (traditional, SEP, SIMPLE) if nondeductible contributions were ever made to traditional IRAs.
Three, distributions from Roth IRAs.
Four, conversions from IRAS (traditional, SEP, SIMPLE) to Roth IRAs.
Nondeductible contributions already have been taxed. So it's important to file Form 8606 to report nondeductible contributions so that you won't be taxed twice on the same money when you start receiving distributions from that IRA.
There's a $50 penalty for not filing Form 8606 if you're required to do so. There's also a $100 penalty for overstating your nondeductible contributions.
For more information, go to www.irs.gov/formspubs for Publication 590 (Individual Retirement Accounts).
A 65 year old citizen would fill out tax Form 8606 to report nondeductible contributions to traditional IRAs, as well as any distributions from traditional, SEP, or SIMPLE IRAs that were previously taxed. They would need to follow the instructions provided with the form, accurately reporting all relevant information and calculations. It's recommended to consult a tax professional or utilize tax software for assistance to ensure accuracy.
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