Question

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

Forum|Forum|7 years ago
June 6, 2019
5 replies
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Do I add all traditional iras no matter if they are annuities, stock accounts or the Thrift Savings Plan (traditional) for line 6 of 8606? The annuities were rolled over from the same Thrift Savings Plan

macuser_22

Employee

A TSP is not an IRA and does not get entered in the IRA section and does not go on a 8606.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Employee

What do you mean the " annuities were rolled over" - rolled into what type of plan? Non-qualified annuities *cannot* be rolled into an IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

D

deezapilotAuthor

We rolled over direct from TSP to annuities that are also traditional iras.

macuser_22

Employee

If you rolled it into a Traditional IRA then, if you have non-deductible contributions in any Traditional IRA, when it asks for the total 2016 year end value of *all* Traditional IRA's then add all Traditional IRA's, however, a Traditional TSP is not a Traditional IRA. A Traditional TSP can be rolled *into* a Traditional IRA by a trustee-to-trustee transfer and would probably be reported on a 1099-R with a code G in box 7.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Employee

You would only enter the total value of all existing Traditional IRA accounts as of Dec 31, 2016 if you took an IRA distribution and are entering a 1099-R form to report the distribution or make a Traditional IRA contribution.

A TSP is not an IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**