Hi,
I'm just interested in whether my 8606 appears to be completed correctly. In May,2024 I rolled over $101,058.22 from my tIRA to my 401k and converted $83,555.86($80,000 in basis) from my tIRA to RothIRA.


Thanks
I did not make any non-deductible contributions in 2024(last time was in 2021 and discontinued after that). All of my prior tIRA contributions were non-deductible and an f8606 was submitted with my returns. So then am I to assume the only portion of the f8606 that I need to complete and forward with my tax return is Part II?rkhusky wrote: Mon Feb 03, 2025 8:51 am Part I is only if you had nondeducted contributions. And the basis in part II is for nondeducted contribution basis (not the amount of contributions, which is another usage of basis).
In that case you would have to fill out Part I.afr wrote: Mon Feb 03, 2025 9:02 amI did not make any non-deductible contributions in 2024(last time was in 2021 and discontinued after that). All of my prior tIRA contributions were non-deductible and an f8606 was submitted with my returns. So then am I to assume the only portion of the f8606 that I need to complete and forward with my tax return is Part II?rkhusky wrote: Mon Feb 03, 2025 8:51 am Part I is only if you had nondeducted contributions. And the basis in part II is for nondeducted contribution basis (not the amount of contributions, which is another usage of basis).
So the f8606 I posted is correct?rkhusky wrote: Mon Feb 03, 2025 9:11 amIn that case you would have to fill out Part I.afr wrote: Mon Feb 03, 2025 9:02 am
I did not make any non-deductible contributions in 2024(last time was in 2021 and discontinued after that). All of my prior tIRA contributions were non-deductible and an f8606 was submitted with my returns. So then am I to assume the only portion of the f8606 that I need to complete and forward with my tax return is Part II?
I’m not sure. From the instructions for Part I, it appears that you might not have to fill it out because you didn’t make a nondeductible contribution in 2024 and you rolled over and converted the whole tIRA.
Thank you for your replyretiredjg wrote: Mon Feb 03, 2025 9:24 am Look at the instructions for Part I on the form itself. It seems that none of the 3 bullet points apply to you. In that case, Part I is not needed and only Part II needs to be filled out.
In reality, it will not matter in the end. In general, nobody ever looks at these forms. The form is only used (in this case) to generate the number on line 18 which is then transferred to your 1040. It appears to me that Part II is correct from what you have told us.
That's correct.rkhusky wrote: Mon Feb 03, 2025 9:32 am Just to clarify, you had $184,614.08 in the tIRA with $80,000 nondeductible contributions?
Got it. Thanksrkhusky wrote: Mon Feb 03, 2025 10:47 am Note that the rollover amount goes on 1040 Line 4a, but not on 4b, with Rollover written to the left of 4b.
Once you completed the rollover of the majority of pre-tax assets to your 401k, you were left with $83,555.86 in TIRA.
Thanks. I haven’t submitted my tax returns yet.Navillus1968 wrote: Mon Feb 03, 2025 10:51 amOnce you completed the rollover of the majority of pre-tax assets to your 401k, you were left with $83,555.86 in TIRA.
I think the math is correct WRT to the taxable amount of your conversion vs your basis.
Strictly speaking, after looking at Part I more closely, you would have been OK just filling out Part II, since you converted your entire TIRA & you know your basis. If you had done a partial Roth conversion, Part I is mandatory, since you would be leaving basis behind in the TIRA & Part I tells you that amount for future reference.
Not a Form 8606 expert, but I don't think the IRS needs you to "show your work," as long as they get the correct amount of taxes paid.