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 tax form used to report contributions made to non-deductible IRAs.

Q: Who needs to file IRS Form 8606?
A: Individuals who have made contributions to non-deductible IRAs during the tax year or have made distributions from their non-deductible IRAs may need to file Form 8606.

Q: What is a non-deductible IRA?
A: A non-deductible IRA is an individual retirement account where contributions are not tax-deductible, but earnings grow tax-deferred until withdrawn.

Q: What information is required on IRS Form 8606?
A: IRS Form 8606 requires you to provide information about your non-deductible IRA contributions, distributions, and the total value of your IRAs.

Q: When is the deadline for filing IRS Form 8606?
A: The deadline for filing IRS Form 8606 is typically the same as the deadline for filing your federal income tax return, which is usually April 15th.

Q: Do I need to file IRS Form 8606 every year?
A: You will need to file IRS Form 8606 for each tax year in which you make contributions to a non-deductible IRA or take distributions from a non-deductible IRA.

Q: Is there a fee for filing IRS Form 8606?
A: No, there is no fee for filing IRS Form 8606.

Q: What happens if I don't file IRS Form 8606?
A: If you are required to file IRS Form 8606 but fail to do so, you may face penalties and interest on any taxes owed.

Q: Can I e-file IRS Form 8606?
A: Yes, you can e-file IRS Form 8606 as part of your federal income tax return.