Elgin Illinois Form 8606 2024-2025

Elgin Illinois Form 8606: What You Should Know

Com. Part 2. Tax-exempt contributions to traditional IRAs. The following information should be considered when completing Form 8606, Nondeductible IRA Contributions (Part II). No deductions will be allowed. Contributions must be made to a trust or IRA that has been a qualified trust (and no one can make a contribution to a qualified trust that does not qualify).  For taxable years beginning after December 31, 2018, this is true even if you were a participant in a Roth IRA (or Roth 401(k)), if at all. See IRS Pub. 501, IRA Contributions for more information. If the trust that you choose is a Roth IRA, all contributions made during your period of participation will be treated as nontaxable. For non-taxable years beginning after December 31, 2018, this is true even if you were a participant in a Roth IRA. See IRS Pub. 501, IRAs and Roth IRA, for more information.  Any other IRA made during your period of participation will be treated as an unmodified annuity contract. For taxable years beginning after December 31, 2018, this is true even if you were a participant in a Roth IRA, if at all.  You must determine the tax-exempt amount by apportioning your contribution in accordance with this formula: The amount of the contribution is less than 50% of the amount of money contributed to the plan by you and your spouse if you are married filing together (100,000 for 2018; 95,000 if you file separately) and less than 50% of the amount of money contributed to the plan by you and your spouse if you file separately (120,000 for 2018; 105,000 if you file jointly) minus the amount of all contributions to the plan by you and your spouse. For taxable years beginning before December 13, 2018, you must allocate contributions in the same way. For taxable years beginning after December 13, 2018, and before January 1, 2026, you may defer or recapture contributions that you would have otherwise allocated to the plan, but after this date must allocate your contributions in like manner. For taxable seasons beginning after December 31, 2017, all contributions are treated as tax-exempt even if you are making the contribution through the 401(k) plan.

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