If you are considering a Backdoor Roth IRA, you will need to fill out IRS for 8606. If it is filled out incorrectly it could cost you some taxes or even a penalty. In this video, I show how and why to fill out form 8606.
To see my past video on Backdoor Roths click here.
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8606 part lll distribution?can you explain this part please
Hopefully, you can help me out, say over the last 4 years I contributed 20k into my ROTH IRA and now 2022 I want to take out 10k of my contributions (not gains), how do I fill Part III out?
Great video.
I converted my ira to roth before doing a backdoor. Do I put that amount on line 8?
Great video. I do have some questions – I am reviewing my 2019 tax return paperwork made via online filing company. I see that my husband and I had a form 8606 Nondeductible IRAs $1240. But there was big water mark " DRAFT AS OF AUGUST 28,2019 DO NOT FILE". I believe it was just for our record. Anyway. And today 9/15/2020, both of us just learned about recharacterization and we did recharacterization for the $1240 from Traditional IRA to Roth IRA. With that said, what should I do? Should I file a new Form 8606 showing the revised information and file it with Form 1040-X for tax year 2019? Or should I file Form 8606 for this recharaterization next year with 2020 tax return? Please advise
If i max out every year. would all the numbers be the same for the following years?
great video really enjoyed and liked