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IRS Form 8606 – Nondeductible IRA Contributions

IRS Form 8606 – Nondeductible IRA Contributions

IRA Deduction Tips: Set aside a certain amount of money each paycheck to invest. Then when you have a certain sum you can invest in a new venture. That will help you steadily increase your portfolio. Then you can diversify your investments with the changing market and spread your money in different ares.

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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