Instructions For Form 8606 - 2015 Page 7
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12Total Basis Chart
Distributions that are treated as a
return of excess contributions under
Return of Excess Traditional IRA
IF the last Form 8606 you filed was
THEN enter on line 2 . . .
Contributions, earlier.
for . . .
Distributions that are incident to
A year after 2000 and before 2015
The amount from line 14 of that Form 8606
divorce. The transfer of part or all of
your traditional, SEP, or SIMPLE IRA to
A year after 1992 and before 2001
The amount from line 12 of that Form 8606
your spouse under a divorce or
A year after 1988 and before 1993
The amount from line 14 of that Form 8606
separation agreement is not taxable to
you or your spouse. If this transfer
1988
The total of the amounts on lines 7 and 16
results in a change in the basis of the
of that Form 8606
traditional IRA of either spouse, both
1987
The total of the amounts on lines 4 and 13
spouses must file Form 8606 and show
of that Form 8606
the increase or decrease in the amount
of basis on line 2. Attach a statement
explaining this adjustment. Include in
nondeductible contributions and then as
such as situations where a casualty,
the statement the character of the
deductible contributions, or vice versa.
disaster, or other events beyond your
amounts in the traditional IRA, such as
reasonable control prevented you from
the amount attributable to
Example. You made contributions
meeting the 60-day requirement. Also,
nondeductible contributions. Also,
for 2015 of $2,000 in May 2015 and
the 60-day period will be extended for
include the name and social security
$2,000 in January 2016, of which
certain frozen deposits. See Can You
number of the other spouse.
$3,000 are deductible and $1,000 are
Move Retirement Plan Assets? in
Line 8
nondeductible. You choose $1,000 of
chapter 1 of Pub. 590-A for details.
your contribution in 2015 to be
If, in 2015, you converted any amounts
nondeductible. You enter the $1,000 on
Note. Do not include a rollover from a
from traditional, SEP, or SIMPLE IRAs
line 1, but not line 4, and it becomes
traditional, SEP, or SIMPLE IRA to a
to a Roth IRA, enter on line 8 the net
part of your basis for 2015.
qualified retirement plan even if it was
amount you converted. To figure that
an outstanding rollover.
amount, subtract from the total amount
Although the contributions to
converted in 2015 any portion that you
traditional IRAs for 2015 that you made
Line 7
recharacterized back to traditional, SEP,
from January 1, 2016, through April 18,
or SIMPLE IRAs in 2015 or 2016 (see
2016, can be treated as nondeductible,
If you received a distribution in
Recharacterizations, earlier). Do not
they are not included in figuring the
2015 from a traditional, SEP, or
!
take into account related earnings that
nontaxable part of any distributions you
SIMPLE IRA, and you also
CAUTION
were transferred with the
received in 2015.
made contributions for 2015 to a
recharacterized amount or any loss that
traditional IRA that may not be fully
Line 6
occurred while the amount was in the
deductible because of the income limits,
Enter the total value of all your
Roth IRA. See item (3) under
Reporting
you must make a special computation
traditional, SEP, and SIMPLE IRAs as of
recharacterizations, earlier, for details.
before completing the rest of this form.
December 31, 2015, plus any
For details, including how to complete
Line 15
outstanding rollovers. A statement
Form 8606, see Are Distributions
If you were under age 59
at the time
should be sent to you by January 31,
1
Taxable? in chapter 1 of Pub. 590-B.
2
you received distributions from your
2016, showing the value of each IRA on
Do not include any of the following on
traditional, SEP, or SIMPLE IRA, there
December 31, 2015. However, if you
line 7.
generally is an additional 10% tax on the
recharacterized any amounts originally
Distributions that you converted to a
portion of the distribution that is
contributed, converted, or rolled over
Roth IRA.
included in income (25% for a
from a qualified plan in 2015, enter on
distribution from a SIMPLE IRA during
Recharacterizations of traditional IRA
line 6 the total value, taking into account
the first 2 years of your participation in
contributions to Roth IRA contributions.
all recharacterizations of those
the plan). See the instructions for Form
amounts, including recharacterizations
Distributions you rolled over to
1040, line 59, or the instructions for
made after December 31, 2015.
another traditional, SEP, or SIMPLE IRA
Form 1040NR, line 57.
(whether or not the distribution is an
For purposes of line 6, a rollover is a
outstanding rollover included on line 6).
tax-free distribution from one traditional,
Part II—2015 Conversions
Distributions you rolled over to a
SEP, or SIMPLE IRA that is contributed
From Traditional, SEP, or
qualified retirement plan.
to another traditional, SEP, or SIMPLE
A one-time distribution to fund an
SIMPLE IRAs to Roth IRAs
IRA. The rollover must be completed
HSA. For details, see Pub. 969, Health
within 60 days after receiving the
Complete Part II if you converted part or
Savings Accounts and Other
distribution from the first IRA. An
all of your traditional, SEP, or SIMPLE
Tax-Favored Health Plans.
outstanding rollover is generally the
IRAs to a Roth IRA in 2015, excluding
Distributions that are treated as a
amount of any distribution received in
any portion you recharacterized. See
return of contributions under
Return of
2015 after November 1, 2015, that was
item (3) under
Reporting
IRA
Contributions, earlier.
rolled over in 2016, but within the
recharacterizations, earlier, for details.
Qualified charitable distributions
60-day rollover period.
(QCDs). For details, see Are
Limit on number of conversions. If
The IRS may waive the 60-day
Distributions Taxable? in chapter 1 of
you converted an amount from a
requirement if failing to waive it would
Pub. 590-B.
traditional, SEP, or SIMPLE IRA to a
be against equity or good conscience,
Instructions for Form 8606 (2015)
7
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