IRS Form 8606 – Nondeductible IRA Contributions
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.
Subscribe to the channel for more episodes and tutorials.
Purchase our tax guides and tutorials here:
Check out our website for more:
Need more help? Schedule a consultation:
#Taxes #IRA #IRS
Follow Knott PLLC here: