Instructions For Form 8606 - Nondeductible Iras

Basis in Roth IRA Conversions — Line 22

shown on line 14c of your 1998,

1999, and 2000 Forms 8606 and line

IF the most recent year

THEN enter on Form 8606, line PLUS the sum of the

16 of your 2001, 2002, and 2003

prior to 2003 in which

22, this amount...

amounts on the

Forms 8606.

•

you had a distribution*

following lines...

Increase or decrease the amount

in excess of your basis

on line 22 by any basis transferred or

in contributions was...

received incident to divorce. Also

attach a statement similar to the one

2002

The excess, if any, of line 22 of

Line 16 of your 2003

explained under Distributions

(you had an amount on

your 2002 Form 8606 over

Form 8606

your 2002 Form 8606, line

incident to divorce on page 6.

line 21 of that Form 8606

21)

Line 23

2001

The excess, if any, of line 22 of

Line 16 of your 2002

If you had a qualified first-time

(you had an amount on

your 2001 Form 8606 over

and 2003

homebuyer distribution from your

your 2001 Form 8606, line

line 21 of that Form 8606

Form 8606

Roth IRA and you made a

21)

contribution (including a conversion)

2000

to a Roth IRA for 1998, enter the

The excess, if any, of line 25 of

Line 16 of your 2001,

(you had an amount on

amount of your qualified first-time

your 2000 Form 8606 over

2002, and 2003

your 2000 Form 8606,

homebuyer expenses on line 23, but

line 19 of that Form 8606

Forms 8606

line 19)

do not enter more than $10,000.

Line 14c of your 2000

1999

The excess, if any, of line 25 of

Form 8606 and line

Paperwork Reduction Act Notice.

(you had an amount on

your 1999 Form 8606 over

16 of your 2001,

your 1999 Form 8606,

We ask for the information on this

line 19 of that Form 8606

2002, and 2003

line 19)

form to carry out the Internal

Forms 8606

Revenue laws of the United States.

Line 14c of your 1999

You are required to give us the

1998

The excess, if any, of line 14c of and 2000 Forms 8606

information. We need it to ensure that

(you had an amount on

your 1998 Form 8606 over

and line 16 of your

you are complying with these laws

your 1998 Form 8606,

line 20 of that Form 8606

2001, 2002, and 2003

and to allow us to figure and collect

line 20)

Forms 8606

the right amount of tax.

Line 14c of your 1998,

You are not required to provide the

Did not have such a

1999, and 2000

information requested on a form that

The amount from line 16 of your

distribution in excess of

Forms 8606 and line

is subject to the paperwork reduction

2003 Form 8606

your basis in contributions

16 of your 2001 and

act unless the form displays a valid

2002 Forms 8606

OMB control number. Books or

records relating to a form or its

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

instructions must be retained as long

you.

as their contents may become

material in the administration of any

an amount rolled over or

Form 5329, line 1, for details and

Internal Revenue law. Generally, tax

recharacterized or a returned

exceptions. However, do not

returns and return information are

contribution), enter on line 20 the total

complete Form 5329 if you have an

confidential, as required by section

of all your regular contributions to

amount on line 23 that is equal to or

6103.

Roth IRAs for 1998 through 2003

more than the amount on line 21; you

The time needed to complete and

(excluding rollovers and any

do not owe the additional 10% tax.

file this form will vary depending on

contributions that you had returned to

individual circumstances. The

Line 22

you), adjusted for any

estimated average time is:

Figure the amount to enter on line 22

recharacterizations.

•

as follows.

If you did take such a distribution

Recordkeeping . . . . . . . .

1 hr., 3 min.

•

If you have never made a Roth IRA

before 2003, use the chart on page 7

Learning about the law or

conversion, enter -0- on line 22.

to figure the amount to enter.

the form . . . . . . . . . . . . . 1 hr., 12 min.

•

If you took a Roth IRA distribution

Increase or decrease the amount

Preparing the form . . . . .

53 min.

(other than an amount rolled over or

on line 20 by any basis transferred or

Copying, assembling,

recharacterized or a returned

received incident to divorce. Also

and sending the form to

contribution) before 2003 in excess of

attach a statement similar to the one

the IRS . . . . . . . . . . . . . .

57 min.

your basis in regular Roth IRA

explained under Distributions

If you have comments concerning

contributions, use the chart on this

incident to divorce on page 6.

the accuracy of these time estimates

page to figure the amount to enter on

Line 21

or suggestions for making this form

line 22.

•

simpler, we would be happy to hear

Generally, there is an additional 10%

If you did not take such a

from you. See the instructions for the

tax on 2003 distributions from a Roth

distribution before 2003, enter on line

tax return with which this form is filed.

IRA that are shown on line 21. The

22 the total of all your conversions to

additional tax is figured in Part I of

Roth IRAs (other than amounts

Form 5329. See the instructions for

recharacterized). These amounts are

-8-

Instructions For Form 8606 - Nondeductible Iras - 2003 Page 8

Related Articles

Related forms

Related Categories