The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Roth conversion||Date: 1/23/2000 5:10 PM|
|Author: TMFTaxes||Number: 25828 of 125216|
<<If you have a prior non-deductible IRA and convert it to an Roth IRA the form comes to you as all income on your tax form. What form do I use to so I don't pay taxes twice on the non-deductible portion?>>
Use IRS Form 8606 and follow the instructions carefully. If you do, you'll find that your prior traditional IRA contributions will not be taxable when you make your conversion.
I have an article about Form 8606 and how it works in the Taxes FAQ area. You might want to check it out.
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