Thursday, July 14, 2011
Who knows how to fill in tax for 8606 for recharacterizing a roth to a non deductible ira?
In 2009 I put $5000 into a roth. At the end of the year I realized my AGI was too high for a roth and re characterized it to a non deductible Ira. I did not complete form 8606. I am now looking at two forms from the investment company (form 5498)1) showing my 5000 roth contribution in 2009 and 2) showing a re characterization of $2386.84 to an Ira since by the time I moved it, the value was less. Is $5000 my basis no matter what since I put that much in, or do i fill in 8606 with the $2386.84 since that is what was put into the Ira --Completely confused by the instructions! HELP PLEASE
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment