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IRS Form 8606 – Nondeductible IRA Contributions

IRS Form 8606 – Nondeductible IRA Contributions

IRA Deduction Tips: Take advantage of any retirement investment matching scheme offered by your employer. When you do this, you are in effect, giving yourself a raise. It is hard to save enough for retirement these days, so getting a free gift of matching funds is nothing to sneeze at. You can use your nest egg for retirement expenses or further investment.

If an individual makes contributions to a traditional IRA during the year, those contributions are generally tax-deductible. However, in certain circumstances, the deduction may be reduced or eliminated completely.

If a Taxpayer makes contributions that are not deductible, it is very important that the Taxpayer tracks their basis in the traditional IRA using IRS Form 8606.

In this video we will cover the following issues:

1. Under what circumstances is IRS Form 8606 necessary.
2. What are the thresholds for deductions.
3. Why is it important to track your basis in Traditional IRAs.

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Written by Bobby

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