Form 8606 Nondeductible IRAs 2008

Summary: This is an example of Form 8606 (2008) as pertains to the description in the text. The line items completed are:

Name. If married, file a separate form for each spouse required to file Form 8606. See page 5 of the instructions field contains Bill King
Your social security number field contains 002-00-0000
Under Part I: Nondeductible Contributions to Traditional IRAs and Distributions From Traditional, SEP, and SIMPLE IRAs:
- 1. Enter your nondeductible contributions to traditional IRAs for 2008, including those made for 2008 from January 1, 2009, through April 15, 2009 (see page 5 of the instructions) field contains 0
- 2. Enter your total basis in traditional IRAs (see page 6 of the instructions) field contains 2,000
- 3. Add lines 1 and 2 field contains 2,000
- 4. Enter those contributions included on line 1 that were made from January 1, 2009, through April 15, 2009 field contains 0
- 5. Subtract line 4 from line 3 field contains 2,000
- 6. Enter the value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2008, plus any outstanding rollovers (see page 6 of the instructions) field contains 1,800
- 7. Enter your distributions from traditional, SEP, and SIMPLE IRAs in 2008. Do not include rollovers (other than repayments of qualified disaster recovery assistance distributions), qualified charitable distributions, a one-time contribution to fund an HSA, conversions to a Roth IRA, certain returned contributions, or recharacterizations of traditional IRA. contributions (see page 6 of the instructions) field contains 600
- 9. Add lines 6, 7, and 8 field contains 2,400
- 10. Divide line 5 by line 9. Enter the result as a decimal rounded to at least 3 places. If the result is 1.000 or more, enter 1.000 field contains .833
- 12. Multiply line 7 by line 10. This is the nontaxable portion of your distributions that you did not convert to a Roth IRA. field contains 500
- 13. Add lines 11 and 12. This is the nontaxable portion of all your distributions field contains 500
- 14. Subtract line 13 from line 3. This is your total basis in traditional IRAs for 2008 and earlier years field contains 1,500
- 15a. Subtract line 12 from line 7. field contains 100
- 15c. Taxable amount. Subtract line 15b from line 15a. If more than zero, also include this amount on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b field contains 100

Close Window