AICPA personal financial specialist Randy Abeles, CPA, explains when taxpayers must file Form 8606 - the form used to report nondeductible contributions made to traditional IRAs. Question: There are ...

If you have an individual retirement account, you need to get acquainted with IRS Form 8606 before filing your tax return this year. Failing to file a Form 8606 could result in a $50 penalty unless ...

The Roth IRA was a truly groundbreaking retirement savings option when lawmakers created it almost 20 years ago. Yet for many taxpayers, the Roth IRA was off-limits due to income restrictions.

This is the time of year that many people make IRA contributions. When nondeductible contributions are made, they are recorded on Form 8606. These contributions are not taxed when distributed. The ...

High earners often weigh the mega backdoor Roth against the backdoor Roth to expand tax-free growth. A backdoor Roth works by making a nondeductible traditional IRA contribution and then converting it ...

In this Ask the Hammer, a reader raises the question: “Apparently, there's a great deal of confusion regarding the need to file Form 8606 to only report Roth conversion in a year when no other ...

This article, the second of a three-part series on how to implement an effective backdoor Roth strategy, was written by guest contributors Steven Jarvis, CPA, MBA, and Matthew Jarvis, CFP. Continuing ...

I contributed for the first time to a traditional IRA in March of 2012 for the 2011 tax season since the IRS allows this. However, I did so after I filed my 2011 tax return. Do I need to send the IRS ...

Individual Retirement Arrangements are designed to provide tax advantages to encourage us to save for retirement. Most IRA owners are familiar with their IRA account statements showing their current ...

Forbes contributors publish independent expert analyses and insights. I write about achieving wealth and how it intersects with our lives. This article is more than 6 years old. As the April 15 th tax ...

My husband cashed out an IRA this year that was a post-tax traditional IRA. He turned 60 Dec 2009 . Since there will be no penalty for early withdrawal, I'm going to make the assumption that you have ...

The Roth IRA was a truly groundbreaking retirement savings option when lawmakers created it almost 20 years ago. Yet for many taxpayers, the Roth IRA was off-limits due to income restrictions.