Instructions for IRS Form 8606 Nondeductible Iras

This document contains official instructions for IRS Form 8606 , Nondeductible Iras - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 8606?
A: IRS Form 8606 is a form that must be filed by taxpayers who made nondeductible contributions to their individual retirement accounts (IRAs) for the tax year.

Q: Who needs to file IRS Form 8606?
A: Taxpayers who made nondeductible contributions to their IRAs or converted a traditional IRA to a Roth IRA during the tax year need to file IRS Form 8606.

Q: What is the purpose of filing IRS Form 8606?
A: The purpose of filing IRS Form 8606 is to keep track of the basis (or nondeductible contributions) in your IRAs, which will help determine the amount of taxable income when you withdraw funds from the account.

Q: When is IRS Form 8606 due?
A: IRS Form 8606 is typically due on the same day as your income tax return, which is usually April 15th.