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LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

If you’re planning to do a backdoor Roth conversion, you’ll need to fill out IRS Form 8606. This form is used to report non-deductible IRA contributions and the amount of conversions from traditional IRAs to Roth IRAs. Here are four examples of how to fill out Form 8606 for a backdoor Roth conversion.

Example 1: No Previous IRA Contributions

If you haven’t made any IRA contributions in the past, you’ll enter zero on lines 1-4 of Form 8606. On line 5, you’ll enter the total amount of the conversion from your traditional IRA to your Roth IRA. If you didn’t earn any interest or gains on the conversion before the end of the year, the amount on line 6 will also be the same as the amount on line 5. If you did earn any interest or gains, you’ll need to calculate the taxable amount on line 6.

Example 2: Previous IRA Contributions

If you’ve made IRA contributions in the past, you’ll need to report them on lines 1-4 of Form 8606. Line 1 is where you’ll enter the total amount of non-deductible contributions made to your traditional IRA during the year. Line 2 is where you’ll enter the total amount of non-deductible contributions made to your traditional IRA in previous years. Lines 3 and 4 are used to calculate the percentage of your IRA that is non-deductible.

Once you’ve completed lines 1-4, you’ll move on to line 5 to report the amount of your conversion. If you haven’t earned any interest or gains on the conversion before the end of the year, the amount on line 6 will be the same as the amount on line 5. If you did earn any interest or gains, you’ll need to calculate the taxable amount on line 6.

Example 3: Partial Conversion

If you only converted a portion of your traditional IRA to a Roth IRA, you’ll need to calculate the taxable amount on line 6 of Form 8606. To do this, you’ll need to divide the amount of the conversion by the total value of your traditional IRA, including any deductible contributions, as of December 31st of the previous year. You’ll then multiply that percentage by the amount of any earnings on the conversion to get the taxable amount.

Example 4: Multiple IRA Accounts

If you have multiple traditional IRA accounts, you’ll need to combine the values on lines 1-4 of Form 8606 for each account before moving on to line 5. You’ll then report the total conversion amount on line 5. If you’ve earned any interest or gains on the conversion, you’ll need to calculate the taxable amount on line 6 using the combined values of your traditional IRA accounts as of December 31st of the previous year.

In conclusion, filling out IRS Form 8606 for a backdoor Roth conversion may seem intimidating at first, especially if you have multiple IRA accounts or have made contributions in the past. However, by following these examples and using the instructions provided by the IRS, you can accurately report your non-deductible contributions and conversions and avoid any potential tax penalties.