Form 8606, Nondeductible IRAs, Line 7 Entry – Required Minimum Distribution Value vs. Entire Distribution
On Form 8606, Nondeductible IRAs, Line 7 asks to include distributions from all traditional IRAs for the tax year. In 2022, I received a Form 1099-R reporting income from a IRA stock brokerage account. The amount reported was the total from both a required minimum distribution (RMD) and a conversion of additional funds into a Roth IRA. However, Line 7 also says to exclude money converted into a Roth account.
Question: Is the amount to report simply the RMD? The Form 1099-R includes both the RMD and converted amount into the Roth account.
Comments welcome.
Permalink Submitted by David Mertz on Tue, 2023-02-14 20:32
The portion converted to Roth goes on line 8. The rest goes on line 7.