Instructions For Form 8606 - Nondeductible Iras

Basis in Regular Roth IRA Contributions — Line 20

status is married filing separately and

you lived with your spouse at any

IF the most recent year

THEN enter on Form

PLUS the total of all your

time in 2003. If you erroneously made

prior to 2003 in which

8606, line 20, this

regular contributions** to

a conversion, you must

you took a Roth IRA

amount...

Roth IRAs for...

recharacterize the converted amount.

distribution* was...

See Recharacterizations on page 3.

2002

The excess of your 2002

2003

Line 16

(you had an amount on

Form 8606, line 20, over

If you did not complete line 8, see the

your 2002 Form 8606, line

line 19 of that Form 8606.

instructions for that line. Then, enter

19)

on line 16 the amount you would

2001

The excess of your 2001

2002 and 2003

have entered on line 8 had you

(you had an amount on

Form 8606, line 20, over

completed it.

your 2001 Form 8606, line

line 19 of that Form 8606.

19)

Line 17

2000

The excess of your 2000

2001 through 2003

If you did not complete line 11, enter

(you had an amount on

Form 8606, line 18d, over

on line 17 the amount from line 2 (or

your 2000 Form 8606,

line 17 of that Form 8606

the amount you would have entered

line 17)

on line 2 if you had completed that

line) plus any contributions included

1999

The excess of your 1999

2000 through 2003

on line 1 that you made before the

(you had an amount on

Form 8606, line 18d, over

conversion.

your 1999 Form 8606,

line 17 of that Form 8606

line 17)

Part III—Distributions

1998

The excess of your 1998

1999 through 2003

From Roth IRAs

(you had an amount on

Form 8606, line 19c, over

your 1998 Form 8606,

line 18 of that Form 8606

Complete Part III to figure the taxable

line 18)

part, if any, of your 2003 Roth IRA

Did not take a Roth IRA

1998 through 2003

distributions.

distribution* prior to 2003

Line 19

*Excluding rollovers, recharacterizations, and contributions that you had returned to

Do not include on line 19 any of the

you.

following.

•

**Excluding rollovers, conversions, Roth IRA contributions that were recharacterized,

Distributions that you rolled over,

and any contributions that you had returned to you.

including distributions made in 2003

and rolled over after December 31,

2003 (outstanding rollovers).

To figure that amount, subtract from

Part II—2003

•

Recharacterizations.

the total amount converted in 2003

•

Conversions From

Distributions that are a return of

any portion that you recharacterized

contributions under Return of IRA

back to traditional, SEP, or SIMPLE

Traditional, SEP, or

Contributions on page 4.

IRAs in 2003 or 2004 (see

•

Distributions made on or after age

SIMPLE IRAs to Roth

Recharacterizations on page 3). Do

if you made a contribution

not take into account related

IRAs

(including a conversion) for 1998.

earnings that were transferred with

•

Distributions made upon death or

Complete Part II if you converted part

the recharacterized amount or any

due to disability if you made a

or all of your traditional, SEP, or

loss that occurred while the amount

contribution (including a conversion)

SIMPLE IRAs to a Roth IRA in 2003,

was in the Roth IRA. See item 1

for 1998.

excluding any portion you

under Reporting

•

Distributions incident to divorce.

recharacterized. See item 1 under

recharacterizations on page 3 for

The transfer of part or all of your Roth

Reporting recharacterizations on

details.

IRA to your spouse under a divorce

page 3 for details.

Line 15

or separation agreement is not

Limit on number of conversions. If

taxable to you or your spouse.

If you were under age 59

at the

you converted an amount from a

time you received distributions from

If, after considering the items

traditional, SEP, or SIMPLE IRA to a

your traditional, SEP, or SIMPLE IRA,

above, you do not have an amount to

Roth IRA in 2003 and then

there generally is an additional 10%

enter on line 19, do not complete Part

recharacterized the amount back to a

tax on the portion of the distribution

III; your Roth IRA distribution(s) is not

traditional, SEP, or SIMPLE IRA, you

that is included in income (25% for a

taxable. Instead, include your total

may not reconvert that amount until

distribution from a SIMPLE IRA

Roth IRA distribution(s) on Form

the later of January 1, 2004, or 30

during the first 2 years). See the

1040, line 15a; Form 1040A, line 11a;

days after the recharacterization. See

Instructions for Form 1040, line 57.

or Form 1040NR, line 16a.

Pub. 590 for details.

Line 20

You may not convert any

amount to Roth IRAs in 2003

Figure the amount to enter on line 20

if (a) your modified AGI for

as follows.

CAUTION

•

Roth IRA purposes (see page 2) is

If you did not take a Roth IRA

more than $100,000 or (b) your filing

distribution before 2003 (other than

-7-

Instructions For Form 8606 - Nondeductible Iras - 2003 Page 7

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