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Old 08-04-2013, 01:18 AM
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Form 8606 is Confusing

Please Help me..

I was trying to fill-up Form 8606...and I was stuck by LINES 1, 2

What is the worksheet they are talking about found in Form 1040 (Publication 17)?

What is the worksheet they are talking about in Publication 590.


Thank you so much!



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Old 08-06-2013, 03:53 AM
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Quote:
Originally Posted by justr8hr View Post
Please Help me..

I was trying to fill-up Form 8606...and I was stuck by LINES 1, 2

What is the worksheet they are talking about found in Form 1040 (Publication 17)?

What is the worksheet they are talking about in Publication 590.


Thank you so much!
What is the worksheet they are talking about found in Form 1040 (Publication 17)?===============For example, if you need to use the IRA Deduction Worksheet in the Form 1040 or 1040A instructions, you need to subtract line 12 (line 10 for Form 1040A) of the worksheet (or the amount you chose to deduct on Form 1040 or Form 1040A, line 17, if less) from the smaller of line 10 or line 11 (line 8 or line 9 for Form 1040A) of the worksheet. Enter the result on line 1 of Form 8606. You cannot deduct the amount included on line 1. For IRA deduction W/S visit the website here; http://apps.irs.gov/app/vita/content...heet_1040i.pdf

What is the worksheet they are talking about in Publication 590.======= You need to use Pub 590 W/S for figuring amount of net income due to IRA contribution and total amount to be recharacterized (Worksheet 1-3), Worksheet 1-3. Determining the Amount of Net Income Due To an IRA Contribution and Total Amount To Be Recharacterized Figuring modified AGI (Worksheet 1-1), Both contributions for 2012 and distributions in 2012.Roth IRAs.For example,.for MAGI for Roth IRA Purposes, yo need to fill in Worksheet 2-1
Publication 590 (2012), Individual Retirement Arrangements (IRAs)
Publication 590 (2012), Individual Retirement Arrangements (IRAs)
Basically, IRS Form 8606 is used to report nondeductible contributions to traditional IRA, and to report any withdrawals from SEP, SIMPLE or traditional IRA if you have ever made any nondeductible IRA distributions. You also use the form to report withdrawals from Roth IRA and conversions from SIMPLE IRA, traditional IRA or SEP plan to Roth IRA.You need to fill out personal information at the top. If you and your spouse file a join return, use only the name and SSN # of the person whose information you are reporting. If you both need to file a Form 8606, you must each use a separate form. You need to
complete Part I. by Adding your total nondeductible IRA contributions for the previous year through April 15 of the following year and enter the result in Line 1. Add your total tax basis in Line 2.



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Old 08-06-2013, 01:28 PM
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Join Date: Jul 2013
Posts: 21
Form 8606 Confusing SOLVED

Thank you so much Wnhough!





Quote:
Originally Posted by Wnhough View Post
What is the worksheet they are talking about found in Form 1040 (Publication 17)?===============For example, if you need to use the IRA Deduction Worksheet in the Form 1040 or 1040A instructions, you need to subtract line 12 (line 10 for Form 1040A) of the worksheet (or the amount you chose to deduct on Form 1040 or Form 1040A, line 17, if less) from the smaller of line 10 or line 11 (line 8 or line 9 for Form 1040A) of the worksheet. Enter the result on line 1 of Form 8606. You cannot deduct the amount included on line 1. For IRA deduction W/S visit the website here; http://apps.irs.gov/app/vita/content...heet_1040i.pdf

What is the worksheet they are talking about in Publication 590.======= You need to use Pub 590 W/S for figuring amount of net income due to IRA contribution and total amount to be recharacterized (Worksheet 1-3), Worksheet 1-3. Determining the Amount of Net Income Due To an IRA Contribution and Total Amount To Be Recharacterized Figuring modified AGI (Worksheet 1-1), Both contributions for 2012 and distributions in 2012.Roth IRAs.For example,.for MAGI for Roth IRA Purposes, yo need to fill in Worksheet 2-1
Publication 590 (2012), Individual Retirement Arrangements (IRAs)
Publication 590 (2012), Individual Retirement Arrangements (IRAs)
Basically, IRS Form 8606 is used to report nondeductible contributions to traditional IRA, and to report any withdrawals from SEP, SIMPLE or traditional IRA if you have ever made any nondeductible IRA distributions. You also use the form to report withdrawals from Roth IRA and conversions from SIMPLE IRA, traditional IRA or SEP plan to Roth IRA.You need to fill out personal information at the top. If you and your spouse file a join return, use only the name and SSN # of the person whose information you are reporting. If you both need to file a Form 8606, you must each use a separate form. You need to
complete Part I. by Adding your total nondeductible IRA contributions for the previous year through April 15 of the following year and enter the result in Line 1. Add your total tax basis in Line 2.



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