michaeljc70[at]hotmail.com wrote:

- quote -

The original view of this by the IRS a decade ago is yes.
By original design, that was one of those forms that as long
as there was a carried-over value (the post-tax basis), it
had to be filed every year until that carryover item reduced
to zero.

[Aside: Form 4562 and 8829 have those features - for the
IRC 179 carryforward, and the business use of home
carryforwards, respectively. Schedule D's capital losses
are another example. Anyone have an opinion about form 8889
(for HSAs) as long as there's unreimbursed medical - i.e.
has anyone figured out that they have to keep track of UME
so as to not recognize a future HSA withdrawl?]

That view has since been relaxed - and the instructions now
say [paraphrase], "last year's 8606 or the year you last
filed it." Form 8606 is now no longer expected to be filed
every year when the post-tax basis doesn't change.

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"michaeljc70[at]hotmail.com" <michaeljc70[at]hotmail.com> wrote:

- quote -

Do you HAVE to? No. Should you? Put it this way, do you
think you'll never ever lose the last filed copy you have?
Better to do it every year and keep a current tracking of it
than rely on an old copy that may get lost.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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<michaeljc70[at]hotmail.com> wrote:

- quote -

You don't have to file it every year. (There was a time
when you did, but that's changed.) Just make sure you hang
on to the last one filed so you'll have it when you begin
distributions.

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michaeljc70[at]hotmail.com writes:

- quote -

No. You only have to file it in years you make
non-deductible trad IRA contributions or in years you make
trad IRA withdrawals (having ever made a non-ded
contribution). In years with no activity, you don't file
the form.

However, do make sure you keep a copy of your most recently
filed 8606, no matter how long ago that was.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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michaeljc70[at]hotmail.com wrote:

- quote -

http://www.irs.gov/pub/irs-pdf/i8606.pdf

Page 1 - Who Must File

Milt Baker Michigan

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michaeljc70[at]hotmail.com posted:

- quote -

No. You only need to file 8606 in years when you make
non-deductible contributions to an IRA -- including if you
every make a conversion to a Roth IRA. See Pub 590.

Bill

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I had a non-deductible IRA contribtion in years past and
filed Form 8606. Do I now have to file this form every year
even if I never have additional non-deductible contributions
to keep the basis on record? I know I need to keep track of
my basis for when I withdraw (that is 25 years away).

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