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#4
07-11-2008, 01:24 AM
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 Re: How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? In article <Jpydk.1282$al3.1212[at]trnddc06> , Tom <whizzy[at]earthlink.com> wrote: - quote - > "Arthur Kamlet" <kamlet[at]panix.com> wrote in message
But you still have to file Form 8606 for at least one, possibly> news:g53vt8$8q8$1[at]reader1.panix.com... > > In article <YVddk.790$713.783[at]trnddc03> , Tom <whizzy[at]earthlink.com> wrote: > > > > > "Arthur Kamlet" <kamlet[at]panix.com> wrote in message > > > news:g53nve$hp$1[at]reader1.panix.com... > > > > In article <baddk.1190$bn3.660[at]trnddc07> , Tom <whizzy[at]earthlink.com> > > > wrote: > > > > > How do I notify the IRS that I previously made contributions to after > > > > > tax > > > > > IRAs and ROTH accounts? > > > > > These contributions date from 1995. Some of them I know I included w/ > > > > > the > > > > > tax returns others I don't think so. > > > > > > > > > > Unless you have a retirement savers credit coming (Form 8880) you > > > > do not report contributions to your Roth IRA. > > > > > > > > > > File form 8606 for each year you made a nondeductible (afer-tax) > > > > contribution to your traditional IRA. It is a stand-alone form > > > > so can be filed by itself without needing to amend. > > > > > OK, simple enough. I also have reords for conversion from IRA to ROTH > > > IRA. > > > Do I need to report that? > > > > Yes. And you have to declare the amount of the conversion > > that was taxable and pay tax. Once more, Form 8606. > None of it was taxable as all contributions were w/ after tax money. two reasons: 1. Your tax basis in your traditional IRa changed when you converted to a Roth. That must be shown on the 8606. 2. If there were any earnings of your after-tax contributions, then some of your conversion amount was indeed taxable income and must be reported on Form 8606 and 1040. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
07-11-2008, 01:16 AM
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| Re: How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? "Arthur Kamlet" <kamlet[at]panix.com> wrote in message news:g53vt8$8q8$1[at]reader1.panix.com... - quote - > In article <YVddk.790$713.783[at]trnddc03> , Tom <whizzy[at]earthlink.com> wrote:
None of it was taxable as all contributions were w/ after tax money.> > > "Arthur Kamlet" <kamlet[at]panix.com> wrote in message > > news:g53nve$hp$1[at]reader1.panix.com... > > > In article <baddk.1190$bn3.660[at]trnddc07> , Tom <whizzy[at]earthlink.com> > > wrote: > > > > How do I notify the IRS that I previously made contributions to after > > > > tax > > > > IRAs and ROTH accounts? > > > > These contributions date from 1995. Some of them I know I included w/ > > > > the > > > > tax returns others I don't think so. > > > > > > > Unless you have a retirement savers credit coming (Form 8880) you > > > do not report contributions to your Roth IRA. > > > > > > > File form 8606 for each year you made a nondeductible (afer-tax) > > > contribution to your traditional IRA. It is a stand-alone form > > > so can be filed by itself without needing to amend. > > > OK, simple enough. I also have reords for conversion from IRA to ROTH > > IRA. > > Do I need to report that? > Yes. And you have to declare the amount of the conversion > that was taxable and pay tax. Once more, Form 8606. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
07-10-2008, 03:33 AM
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| Re: How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? In article <YVddk.790$713.783[at]trnddc03> , Tom <whizzy[at]earthlink.com> wrote: - quote - > "Arthur Kamlet" <kamlet[at]panix.com> wrote in message > news:g53nve$hp$1[at]reader1.panix.com... > > In article <baddk.1190$bn3.660[at]trnddc07> , Tom <whizzy[at]earthlink.com> > wrote: > > > How do I notify the IRS that I previously made contributions to after tax > > > IRAs and ROTH accounts? > > > These contributions date from 1995. Some of them I know I included w/ the > > > tax returns others I don't think so. > > > > Unless you have a retirement savers credit coming (Form 8880) you > > do not report contributions to your Roth IRA. > > > > File form 8606 for each year you made a nondeductible (afer-tax) > > contribution to your traditional IRA. It is a stand-alone form > > so can be filed by itself without needing to amend. > OK, simple enough. I also have reords for conversion from IRA to ROTH IRA. > Do I need to report that? Yes. And you have to declare the amount of the conversion that was taxable and pay tax. Once more, Form 8606. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
07-10-2008, 01:56 AM
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| Re: How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? "Arthur Kamlet" <kamlet[at]panix.com> wrote in message news:g53nve$hp$1[at]reader1.panix.com... - quote - > In article <baddk.1190$bn3.660[at]trnddc07> , Tom <whizzy[at]earthlink.com> wrote:
OK, simple enough. I also have reords for conversion from IRA to ROTH IRA.> > How do I notify the IRS that I previously made contributions to after tax > > IRAs and ROTH accounts? > > These contributions date from 1995. Some of them I know I included w/ the > > tax returns others I don't think so. > Unless you have a retirement savers credit coming (Form 8880) you > do not report contributions to your Roth IRA. > File form 8606 for each year you made a nondeductible (afer-tax) > contribution to your traditional IRA. It is a stand-alone form > so can be filed by itself without needing to amend. Do I need to report that? Tom -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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07-10-2008, 01:17 AM
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| Re: How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? In article <baddk.1190$bn3.660[at]trnddc07> , Tom <whizzy[at]earthlink.com> wrote: - quote - > How do I notify the IRS that I previously made contributions to after tax > IRAs and ROTH accounts? > These contributions date from 1995. Some of them I know I included w/ the > tax returns others I don't think so. Unless you have a retirement savers credit coming (Form 8880) you do not report contributions to your Roth IRA. File form 8606 for each year you made a nondeductible (afer-tax) contribution to your traditional IRA. It is a stand-alone form so can be filed by itself without needing to amend. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
07-10-2008, 01:10 AM
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| How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? How do I notify the IRS that I previously made contributions to after tax IRAs and ROTH accounts? These contributions date from 1995. Some of them I know I included w/ the tax returns others I don't think so. Tom -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| accounts, contributions, iras, irs, made, notify, previously, roth, tax |
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