8606 part iii Form

8606 part iii Form: What You Should Know

Individual Retirement Account (IRA) conversions. Taxpayers convert one or more existing IRA accounts into a  Retirement Saving Account (RSA) or a Keogh plan within the same plan type. They may also convert to  Roth IRAs (tax-free) for other reasons. IRS Form 8606: I am a  Business owner with one of a number of employee benefit plans (EBP) and would like to  report the conversions from my EBP to Roth IRA  Individual Retirement Accounts (IRAs) conversions. The IRS publishes Form 8606 to help  report the conversions associated with one or more Employee Benefit Plans (EBP)  Qualifying Retirement Plan (ARP) conversions. The IRS also publishes Form 8606 to help report the  Qualification Conversion of a ARP to a Roth IRA or qualified retirement plan. The forms  together are called Conversion Reports because they are required to be filed by individuals who take a  Roth IRA conversion. The IRS publishes Form 8606 to help report the conversions associated with one or more Bps, which  can be either IRA accounts, Rps, or ERPs. Form 8606: I can make any IRA or ARP contribution in my individual retirement accounts (IRA)  to a traditional IRA or a Roth IRA, and I'm required to report the contributions to  the IRS even if I withdraw the funds from the Roth IRA within  5 years. You are not required to use Form 8606 or its successor to make a Roth IRA conversion (i.e., a conversion of a taxable IRA from a defined contribution plan to a Roth IRA). However, the IRS recently published revised guidance (which may be dated as of April 2017, but has not been published recently by the IRS) that requires you to use Form 8606 and to make any IRA or ARP contributions (and rollover of any amounts in a rollover to a Roth IRA) in your IRAs (see Form 8606: IRA Subpart D, Conversion of a Traditional IRA into a Roth IRA). Note that the IRS changed the definition of “traditional IRA” in 2014.

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