New Mexico Form 8606 2024-2025

New Mexico Form 8606: What You Should Know

The Best Way to Report Roth Conversions in Your Traditional IRA? July 10, 2025 — Nondeductible contributions should be treated as income. You may need to report these amounts on the Form 1040. How Many Years of Age Must You Refile your Tax Return to Deduct Non-deductible IRA Contributions? July 4, 2025 — You may need to file a new Form 1040 if you receive, make, or make-with nondeductible contributions. Are Non-Deductible IRA Contributions Taxable to You? May 25, 2025 — Non-deductible distributions to traditional and other types of IRAs are taxable only to you. Backdoor Roth IRA Conversions March 27, 2025 — If you want to convert a traditional IRA to a Roth IRA, the plan must be approved by IRS. What is the Difference Between Regular and Backdoor Roth Conversions? Dec 18, 2025 — Convert a traditional IRA to a Roth IRA and use a different custodian, unless you plan to keep more of the funds in the original IRA. Backdoor Roth IRA Conversion Guidelines Sep 18, 2025 — A backdoor Roth IRA conversion generally requires the approval of the plan administrator and the IRS. Tax Deductions for IRA Contributions Sep 13, 2025 — Generally, you can deduct only one-half of IRA contributions for IRA taxation purposes. For example, if you have a 1,000 contribution to a traditional IRA that you intend to contribute 100 annually for 20 years, you can only deduct 500 of the contribution as a contribution to the individual's gross income for that year. Filing Your 2025 Tax Return with your Traditional IRA Oct 23, 2025 — For tax year 2016, you need to file your federal income tax return on the due date of the 4th month after the end of the calendar year. What happens if you fail to file and pay the full amount due the IRS in early April? Oct 14, 2025 — An individual with an eligible withdrawal will lose their Roth conversion bonus, or the amount of taxes deducted on contributions, if they fail to file their 2025 federal income tax return within 5 calendar days of the due date. The person will then have until the due date before April 15, 2016, to file, pay, or cancel all non-deductible IRA contributions without penalty.

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