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Nondeductible Ira Contributions Form 8606 | H&r Block: What You Should Know
What is “Nondeductible IRA Contribution”? IRS Form 8606: If, from January 26, 2022, to the end of the year you made a nondeductible regular contribution to a traditional IRA, you need to submit this form. It's not your responsibility to file form 8606 if you made a regular IRA contribution and don't have a What is Roth IRA Contribution? IRS Form 8606: If, from January 26, 2022, to the end of the year you made a nonredempted Roth IRA contribution or a nontaxable Roth IRA contribution, you need to submit this form. If You're Not a New Taxpayer If you have not previously opened a Roth IRA, make a “qualified Roth IRA contribution” to an account you already have. If you are a new or eligible taxpayer filing a tax return for the 2024 tax year who has an after-tax IRA, you must include the sum of the following amounts in your gross income: If your balance in your IRA exceeds the contribution threshold amount, you may be required to include the amount in income on your tax return. However, this calculation must be made by using the IRS's new Roth IRA contribution limit rather than the traditional IRA contribution limit. What to Do if IRS Annulled a Special Election under the 2024 Tax Code Announced in 2024 tax year, IRS guidance called for the new Roth IRA contribution limit to apply to any Roth IRA account opened before 2014. However, this guidance has apparently not been fully enacted, and taxpayers must follow current guidance if they have an IRA account. Your IRA Contribution If you contribute to an IRA without an account, include the IRA amount, minus the IRS contribution limits calculated earlier, in your gross income on Form 1040, line 21. Include the amount on line 32 of Form 1040A or Form 1040EZ. To contribute to a Roth IRA, you must open a traditional IRA before January 26, 2017. There are restrictions on when you are allowed to make any contributions to an IRA, so you should consult your tax advisor for more information. If you contribute after this date (after January 26, if you had one before that date), and you made contributions to a traditional IRA that were nondeductible before the 2024 tax year, you do not need to include them in your taxable income.
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