Instructions For Form 8606 - Nondeductible Iras - 2008 Page 8
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9Basis in Regular Roth IRA Contributions — Line 22
Line 24
Figure the amount to enter on line 24
IF the most recent year prior THEN enter on Form 8606,
PLUS the total of all your
as follows.
•
to 2008 in which you took a
line 22, this amount...
regular contributions** to
If you have never made a Roth IRA
Roth IRA distribution* was...
Roth IRAs for...
conversion or rolled over an amount
from a qualified retirement plan to a
2007
The excess of your 2007 Form
2008
Roth IRA, enter -0- on line 24.
(you had an amount on your
8606, line 22, over line 19 of
•
If you took a Roth IRA distribution
2007 Form 8606, line 19)
that Form 8606.
(other than an amount rolled over or
2006
The excess of your 2006 Form
2007 and 2008
recharacterized or a returned
(you had an amount on your
8606, line 22, over line 19 of
contribution) before 2008 in excess of
2006 Form 8606, line 19)
that Form 8606.
your basis in regular Roth IRA
contributions, use the chart on page 9
2005
The excess of your 2005 Form
2006 through 2008
to figure the amount to enter on line 24.
(you had an amount on your
8606, line 22, over line 19 of
•
If you did not take such a distribution
2005 Form 8606, line 19)
that Form 8606.
before 2008, enter on line 24 the total
2004
The excess of your 2004 Form
2005 through 2008
of all your conversions to Roth IRAs
(you had an amount on your
8606, line 22, over line 19 of
(other than amounts recharacterized).
2004 Form 8606, line 19)
that Form 8606.
These amounts are shown on line 14c
of your 1998, 1999, and 2000 Forms
2003
The excess of your 2003 Form
2004 through 2008
8606 and line 16 of your 2001 through
(you had an amount on your
8606, line 20, over line 19 of
2008 Forms 8606. Also include on line
2003 Form 8606, line 19)
that Form 8606.
24 any amounts rolled over from a
2002
The excess of your 2002 Form
2003 through 2008
qualified retirement plan to a Roth IRA
(you had an amount on your
8606, line 20, over line 19 of
for 2008.
•
2002 Form 8606, line 19)
that Form 8606.
Increase or decrease the amount on
line 24 by any basis transferred or
2001
The excess of your 2001 Form
2002 through 2008
received incident to divorce. Also attach
(you had an amount on your
8606, line 20, over line 19 of
a statement similar to the one
2001 Form 8606, line 19)
that Form 8606.
explained in the next to last bulleted
2000
The excess of your 2000 Form
2001 through 2008
item under Line 7 that begins on page
(you had an amount on your
8606, line 18d, over line 17 of
6.
2000 Form 8606, line 17)
that Form 8606.
Line 25b
1999
The excess of your 1999 Form
2000 through 2008
If all your distributions are either
(you had an amount on your
8606, line 18d, over line 17 of
qualified disaster recovery assistance
1999 Form 8606, line 17)
that Form 8606.
distributions or qualified recovery
assistance distributions, enter the
1998
The excess of your 1998 Form
1999 through 2008
amount from line 25a on line 25b. If you
(you had an amount on your
8606, line 19c, over line 18 of
have distributions unrelated to either
1998 Form 8606, line 18)
that Form 8606.
the Midwestern severe storms,
Did not take a Roth IRA
$0
1998 through 2008
tornadoes, or flooding; or the Kansas
distribution* prior to 2008
storms and tornadoes, as well as
qualified disaster recovery assistance
*Excluding rollovers, recharacterizations, and contributions that you had returned to you.
distributions or qualified recovery
**Excluding rollovers, conversions, Roth IRA contributions that were recharacterized, and any
assistance distributions, you will need
contributions that you had returned to you.
to multiply the amount on line 25a by a
fraction. The numerator of the fraction
is your total disaster recovery
line 20, but do not enter more than
explained in the next to last bulleted
assistance distributions or recovery
$10,000.
item under Line 7 that begins on page
assistance distributions. The
6.
•
denominator of the fraction is the
Line 22
Increase the amount on line 22 by
amount from Form 8606, line 21. See
the amounts received as a military
Figure the amount to enter on line 22
the example below.
gratuity or SGLI payment that was
as follows.
Example. You received a
rolled over to your Roth IRA.
•
If you did not take a Roth IRA
•
distribution from your Roth IRA (that
Increase the amount on line 22 by
distribution before 2008 (other than an
you did not roll over) in the amount of
any amount received as qualified
amount rolled over or recharacterized
$30,000 on April 1, 2008, unrelated to
settlement income in connection with
or a returned contribution), enter on line
the severe storms, tornadoes, or
the Exxon Valdez litigation and rolled
22 the total of all your regular
flooding in the Midwestern disaster
over to your Roth IRA.
contributions to Roth IRAs for 1998
areas. On August 18, 2008, you
through 2008 (excluding rollovers from
Line 23
received a qualified disaster recovery
other Roth IRAs and any contributions
assistance distribution (as a result of
Generally, there is an additional 10%
that you had returned to you), adjusted
the severe storms, tornadoes, or
tax on 2008 distributions from a Roth
for any recharacterizations.
flooding in a Midwestern disaster area)
•
IRA that are shown on line 23. The
If you did take such a distribution
from your Roth IRA in the amount of
additional tax is figured on Form 5329,
before 2008, use the chart on this page
$10,000. You would report total
Part I. See the instructions for Form
to figure the amount to enter.
distributions of $40,000 on Form 8606,
•
5329, line 1, for details and exceptions.
Increase the amount on line 22 by
line 19. You have no first-time
any amount rolled in from a designated
Note. The additional 10% tax does not
homebuyer expenses reported on line
Roth account that is treated as
apply to any qualified disaster recovery
20, so you would also enter $40,000 on
investment in the contract.
assistance distributions, see Form 8930
line 21. Your would then complete lines
•
Increase or decrease the amount on
for more details. The additional 10% tax
22 through 24 as instructed. Form
line 22 by any basis transferred or
also does not apply to any qualified
8606, line 25a shows an amount of
received incident to divorce. Also attach
recovery assistance distributions, see
$20,000. You would enter $5,000
a statement similar to the one
Pub. 4492-A for more details.
($20,000 x $10,000/$40,000) on line
-8-
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