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Financial Planning / Tax Strategies
|Subject: Re: IRS Form 8606 Question||Date: 4/8/1998 12:47 PM|
|Author: vtaeger||Number: 3342 of 122553|
<<I have a question regarding Form 8606 as this is my first year that my IRA contributions will be nondeductible. 1996 was the first year i participated with an IRA...
1996 - contributions were deductible
1997 - contributions were nondeductible
On form 8606 it says to add up the value of all IRA accounts on line 6. my question is does this include the deductible contributions? what about the $$ that I put in throughout the course of 1997 for the 1997 year? Do I add all these together?>>
It sounds like you did not make a withdrawal in 1997.
I suggest you go back and check the diagram at line 3.
This tells you to skip straight to line 12. Lines 4-11
are only needed if you made a withdrawal.
Unless you made a withdrawal from your IRA in
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