How to correct form 8606

[ANPrinceton]

Thank you for your response.

This is from the IRS website, it mentions file the form only when there is a non deductible contributions for...

[ANPrinceton]

The mistake was made on form 8606 for 2007. Should I use 2018 form or 2007 form?

Thank you.
ANPrinceton...

[ANPrinceton]

No self employment income....

[ANPrinceton]

Haha. I should have. Would have helped with my tax bill. ...

[ANPrinceton]

Just got a confirmation from my wife’s benefits department that they won’t accept the IRA rollover....

[ANPrinceton]

1. Opened IRA in dec 2007 and contributed $3K. Basis was zero.
2. $3000 contribution for 2007
3. Non-deductible
4. No amount was ever...

[ANPrinceton]

The correct basis as I have understood the process so far should be $3000 and line 14 on the 2007 form says $6K ($4k as contribution and $2K as basis)....

[ANPrinceton]

Thank you for everyone’s inputs....

[ANPrinceton]

Thank you and Agreed. It would be easier if the pre-tax and post-tax money was in separate accounts.

Unfortunately, I have taken steps to...

[ANPrinceton]

Thank you.

i have just contributed deductible $6000 for 2019 to her traditional IRA account at vanguard and in the process of transferring...

[ANPrinceton]

Planning to do Roth conversion starting this year. Checked on basis, my last form 8606 filed in 2008 for tax year 2007. Just realized there is a mistake....

[ANPrinceton]

1. Federal tax rate : 35%
State tax rate : Between 6% and 7%

2. yes, she has access to 401K at work but it has been Roth 401(K)...

[ANPrinceton]

Hello,

My wife has a IRA from 2003 to which she contributed $3000 in 2003 and today it is $6700. A gain of $3700. Never took any distribution....

[ANPrinceton]

Thank you. I did try filling it up myself couple of times. Made sense. I will try to post something here for review....

[ANPrinceton]

My wife has a deductible traditional IRA to such she has not contributed since opening it initially in 2003. She took deduction back then on her taxes....