| Publication 590 |
2008 Tax Year |
Form 8606 Nondeductible IRAs 2007. Summary: This is an example of Form 8606 (2007) as pertains to the description in the text. The line items completed are:
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“Name. If married, file a separate form for each spouse required to file Form 8606. See page 5 of the instructions” field contains Bill
King
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“Your social security number” field contains 002-00-0000
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Under
“Part I: Nondeductible Contributions to Traditional IRAs and Distributions From Traditional, SEP, and SIMPLE IRAs”:
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“1. Enter your nondeductible contributions to traditional IRAs for 2007, including those made for 2007 from January 1, 2008,
through April 15,
2008 (see page 5 of the instructions)” field contains 0
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“2. Enter your total basis in traditional IRAs (see page 5 of the instructions)” field contains 2,000
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“3. Add lines 1 and 2” field contains 2,000
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“4. Enter those contributions included on line 1 that were made from January 1, 2008, through April 15, 2008” field contains
0
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“5. Subtract line 4 from line 3” field contains 2,000
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“6. Enter the value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2007, plus any outstanding rollovers (see
page 6 of the
instructions)” field contains 1,800
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“7. Enter your distributions from traditional, SEP, and SIMPLE IRAs in 2007. Do not include rollovers, qualified charitable
distributions, a
one-time contribution to fund an HSA, conversions to a Roth IRA, certain returned contributions, or recharacterizations of
traditional IRA.
contributions (see page 6 of the instructions)” field contains 600
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“9. Add lines 6, 7, and 8” field contains 2,400
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“10. Divide line 5 by line 9. Enter the result as a decimal rounded to at least 3 places. If the result is 1.000 or more, enter
1.000”
field contains .833
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“12. Multiply line 7 by line 10. This is the nontaxable portion of your distributions that you did not convert to a Roth IRA.” field
contains 500
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“13. Add lines 11 and 12. This is the nontaxable portion of all your distributions” field contains 500
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“14. Subtract line 13 from line 3. This is your total basis in traditional IRAs for 2007 and earlier years” field contains
1,500
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“15. Taxable amount. Subtract line 12 from line 7. Also include this amount on Form 1040, line 15b; Form 1040A, line 11b; or
Form 1040NR, line
16b” field contains 100
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