Instructions for IRS Form 8606 Nondeductible Iras

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. An up-to-date fillable IRS Form 8606 is available for download through this link.

FAQ

Q: What is IRS Form 8606?
A: IRS Form 8606 is a tax form used to report nondeductible contributions to Individual Retirement Accounts (IRAs).

Q: Who needs to file IRS Form 8606?
A: You need to file IRS Form 8606 if you have made nondeductible contributions to your IRAs.

Q: What are nondeductible IRAs?
A: Nondeductible IRAs are IRAs where contributions are made with after-tax money and are not deductible on your tax return.

Q: What information do I need to complete IRS Form 8606?
A: To complete IRS Form 8606, you will need information about your IRA contributions and distributions.

Q: Can I e-file IRS Form 8606?
A: No, you cannot e-file IRS Form 8606. It must be filed by mail.

Q: When is the deadline to file IRS Form 8606?
A: IRS Form 8606 must be filed with your tax return by the due date, which is typically April 15th of the following year.

Q: What are the penalties for not filing IRS Form 8606?
A: Failing to file IRS Form 8606 when required can result in penalties and interest on any taxes owed.

Q: Can I file IRS Form 8606 electronically?
A: No, IRS Form 8606 cannot be filed electronically. It must be filed by mail or in person.

Q: What if I made a mistake on IRS Form 8606?
A: If you made a mistake on IRS Form 8606, you can file an amended return using IRS Form 1040X.