Form 8606, Line 6 and Line 7 Entries
Several questions on Form 8606:
a. When calculating the end-of-year value of all traditional IRA on line 6, in particular, if one’s portfolio contains both qualified brokerage and annuity IRAs, is the end-of-year value the combined value of each separate IRA added together on Form 8606, line 6?
b. If a IRA annuity is annuitized mid-year (i.e., was converted to an income stream), is its end-of-year value, which can be provided by the insurance company, included in the value of all owned IRAs on Form 8606, line 6?
c. If the only distribution from all qualified brokerage and annuity IRAs was a required minimum distribution (RMD), is that the amount to be noted on Form 8606, line 7?
Feedback is appreciated.
Permalink Submitted by Alan - IRA critic on Wed, 2022-12-07 23:37