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Form 8606

Forum|Forum|5 years ago
March 24, 2021
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I made a few non deductible contributions to my IRA several years ago. I have been using Form 8606 to amortize that basis. Could I transfer that total basis balance from my traditional IRA to a Roth and forget about this Form 8606 for future years? Thank you.

Best answer by MinhT1

No.

You cannot decide to rollover all your non-deductible contributions from your IRA to a Roth IRA.

When a traditional IRA balance is composed of deductible and nondeductible contributions, any amount distributed or converted from the traditional IRA is prorated to include a taxable and nontaxable portion of the assets.

M

MinhT1Answer

No.

You cannot decide to rollover all your non-deductible contributions from your IRA to a Roth IRA.

When a traditional IRA balance is composed of deductible and nondeductible contributions, any amount distributed or converted from the traditional IRA is prorated to include a taxable and nontaxable portion of the assets.

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