Form 8606

IRA Transactions That Can Be Missed

Not every IRA transaction is easily identifiable. Some require a little legwork to reveal or report what occurred. Some transactions are not even labeled on official IRS tax forms and can go undetected. Here are three items that taxpayers and tax professionals alike can easily miss.

Roth IRA Contributions: Don’t Report on Tax Return, But Do Keep Track

If you made a Roth contribution for 2013 and are now preparing your tax return, you may be wondering where to report it. Chances are, however, that if you’ve been looking, you’ve been looking for a while. It’s very difficult to find where these contributions are reported. Actually, truth be told, it’s impossible.

Updated IRS Form 8606 Includes IRA Changes

The 2012 tax law changes, passed by Congress after the fact in 2013, have necessitated some changes in forms used to file your 2012 taxes. IRS has just updated Form 8606, Nondeductible IRAs. This latest version is dated January 15, 2013.

An Open Letter of Retirement Planning Advice to President Obama

Mr. President, As part of the campaign process for your bid to seek a second term in the White House, you recently released a copy of your 2011 tax return. Purely to satisfy my own curiosity, I decided to review the return, as well as the tax return of your challenger, Governor Romney.

Common Errors in SEP IRA Plans

IRS recently completed a SEP plan compliance project and found errors by both the SEP employer and by the financial institution filing SEP contribution information. Below we outline the errors made by the employers and the financial institutions.

IRA-Related Tax Breaks for Certain Military Members and Their Families

Memorial Day is almost here, and it should serve as a reminder that we owe a great deal of thanks to all the members of our armed forces, both past and present. With that in mind, today we chose to highlight a couple of IRA-related tax breaks that are available to certain members of our military and their families.

IRA Contribution Questions at Tax Time

IRAs and tax season go hand in hand. Below are a list of the most popular IRA tax-related questions we have been receiving over the last month or so. Make sure you are up to speed on what you can and can't do to get the most out of your tax return, and in turn, your retirement planning.

Income Tax Due on 2010 Roth Conversion

You will have income tax due if you went through with a 2010 Roth conversion, so make sure your tax return includes deferred income. Did you do a Roth conversion in 2010 and take the default option of deferring the income to 2011 and 2012?

Reporting Roth IRA Conversions with Form 8606

Ed Slott has talked about "Reporting Roth IRA conversions" in all of his seminars, and The Slott Report has touched on the subject in multiple entries over the last few weeks. Ed wrote a March 20th article for Investment News about the avalanche of questions about to come in (if they haven't already) on Form 8606. It has been around for years--but it will never be as popular as this year because of two key tax law changes in 2010.

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