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Financial Planning / Tax Strategies


Subject:  Re: Non Deductible IRA Date:  9/13/2011  11:52 PM
Author:  JAM47 Number:  113969 of 134391

My Wife is over 60 as well. In a quick review of my old tax returns, it appears that I filed a 8606 in 3 of the 4 years I made non deductible contributions. Do I understand that I would have to pay a penalty (I think I read $50, but I am not sure) for any year I failed to file a 8606?
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