Welcome Guest. Register Now!  

For 2016 Tax Tips For Year 2016.

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-18-2017, 04:14 AM
Junior Member
Join Date: Feb 2017
Posts: 1
Please help with form 8606


I am confused about how to fill out form 8606 correctly. I make a $5500 non-deductible contribution to traditional IRA each year, then immediately convert/ "backdoor rollover" full amount to Roth IRA.

Line 1 on the form would be $5500.
For line 2 total basis in IRA, is that "0" since previous IRA contributions were immediately converted to Roth IRA or is it $11000 if $5500 non-deductible contribution were made prior 2 years? Does the total basis in traditional IRA increase by $5500 each year for every year I make a non-deductible contribution to traditional IRA in that amount, even though the actual balance is "0" since the full amount were immediately converted to Roth IRA? I hope the question makes sense.

Thanks so much for helping.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Filing Requirements 8 05-05-2017 01:27 PM
8606 part 3 Roth IRA copperclad IRA/Sep 3 11-28-2015 10:57 AM
8606 never filed :-( reds0318 IRA/Sep 5 11-24-2015 04:35 PM
Form 8606 is Confusing justr8hr IRA/Sep 2 08-06-2013 01:28 PM
Form 8606 khalvorson1973 IRA/Sep 0 09-08-2010 02:08 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning

» Recent Tax Q&A
No Threads to Display.