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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).
What else can I help you with?
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A 65-year-old person is commonly referred to as a senior citizen or an older adult.
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An 80 year old person can sometimes be called elderly. Or they can be called aged, or even a senior or senior citizen.
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What is the purpose of IRS Form 8606 for the tax year 2013?
The purpose of IRS Form 8606 for the tax year 2013 is to report non-deductible contributions made to traditional IRAs and to track the basis in these accounts to avoid double taxation when withdrawing funds in the future.
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