IRA Worksheet

 

?   Calculation type:
TaxSlayer rounds the ratio of basis to IRA totals to 3 decimal places which can result in minor taxable amount and new basis amount errors.

The "No rounding" option does not round the ratio and is more accurate. But using this option will not match the Form 8606 produced by TaxSlayer.

Information for tax year

This worksheet is for who is the


Form 8606 Worksheet - Nondeductible IRAs:

BASIS:
Total basis in traditional IRAs from previous years (from most recent Form 8606 line 14)
CONTRIBUTIONS:
Nondeductible contributions made in 2017
Nondeductible contributions for 2017 made in 2018 prior to the filing deadline
TRADITIONAL/SIMPLE/SEP IRAS:
  • For distributions, do not include rollovers, qualified charitable distributions, a one-time distribution to fund an HSA, distribution that have been repaid or recharacterizations from a ROTH IRA.
  • Enter a ROTH conversion in its own column. Do not include it as a distribution.
  • For distributions and conversions from the same IRA account, you may opt to put each on separate lines to get their respective taxable amounts, but only enter the IRA value once.
DISTRIBUTION ROTH CONVERSION VALUE ON 12/31/ TAXABLE AMOUNT
IRA 1
IRA 2
IRA 3
Any outstanding rollover amount (process not complete)
FORM 8606 RESULTS:
Remaining IRA basis for use next year
Total taxable amount

Form 8606 input for TaxSlayer:

NOTE: You must create a Form 8606 in TaxSlayer so that it's included in the tax return!
(Federal Section > Deductions > Adjustments > Nondeductible IRAs)
Total basis in traditional IRAs
Contributions made from January 1 through 4/18/2018
Total value of all traditional, SEP and SIMPLE IRAs as of December 31, 2017
Outstanding rollovers
Traditional IRA distributions (reported on form 1099-R) received during 2017
Net amount converted from traditional, SEP and SIMPLE IRAs to Roth IRAs in 2017

Please send corrections and suggestions to jeff@bogarthome.net