Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.