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Form 8606 online NV: What You Should Know
What does this mean for you? It means not filing Form 8606 is critical. What if you are asked in a question on IRS form 8606, about making a donation to a qualified charity? If the answer to the question is that you did not make the contribution, you are free to answer that you do not owe any tax, because the donation was not made. However, you should not answer the question if you didn't make the donation. When answering this question it is important to answer all those questions on the form. The important ones are: What type of contributions were made? What are the amounts contributed? How has the nondeductible contribution changed the income tax or federal tax burden for you? How are the nondeductible contributions treated by the IRS? What are some consequences, if any, if a contribution does not meet the requirements? You are not required to file Form 8606 if you (a) are not required by the Code or regulations to file a return (see section 6744 of the Code); (b) make nondeductible contributions during a calendar year by: making contributions to a traditional IRA, (whether you are a current participant in that traditional IRA), by making contributions to a SEP, or (c) making contributions under a formula that varies with investment risk (see Form 8859). What Are The Consequences? (a) If the contribution is made by a person who qualifies to make nondeductible contributions to a traditional IRA, the nondeductible contribution is not tax-deductible. (b) If the contribution is in a Traditional IRA, and the nondeductible contribution is more than the contribution limit, your account may be subject to tax, interest, or penalties. To avoid this result, you (and your spouse if you are married) may complete Form 8606. (d) A failure to qualify for a contribution is treated as an understatement of tax by the person making the contribution. (See IRS Publication 15, with its schedule and instructions.) Note: You and your spouse may contribute to a SEP up to the contribution limit (for 2015) for a single taxpayer or for joint filers (if filing jointly) for the taxable year ending on or before December 31, 2015.
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