Do you think "the makers of the forms" intentionally create so many otherwise and if not this, then that messages because they know when they retire from government services they will have full time employment interpreting these things?Lines 16 and 17 have an “otherwise”, meaning Part I is not necessary in all cases.If a program is telling you there is a number for line 16 and 17, that info is coming from Part 1 which means you made, or the program thinks you made, a Nondeductible Contributions to Traditional IRAs and Distributions From Traditional, Traditional SEP.
and Traditional SIMPLE IRAs
Line 16 If you didn’t complete line 8, see the instructions for that line. Then, enter on line 16 the amount you would have entered on line 8 had you completed it.
Line 17 If you didn’t complete line 11, enter on line 17 the amount from line 2 (or the amount you would have entered on line 2 if you had completed that line) plus any contributions included on line 1 that you made before the conversion.
I'm just hoping all these years I am doing it right. I did pay a CPA once to just go over the forms years ago. Charged me $350 to just look and verify. I hope I'm safe. I pay the tax on every conversion from our IRA, so that the lines on 1040 for distribution and taxable portion match exactly, and record the amount of what was converted to the Roth on 8606. And if I ever do have to withdraw money from the Roth, I'm sure I'll have difficulty figuring out what form will be required and how to fill it out. It's so easy to put money in, but one does not typically think about what they'll have to do to record properly getting it out. I always assumed since I paid tax on the Roth before it got put into the Roth, it should be easy. wrong!
Statistics: Posted by capran — Sun Feb 25, 2024 4:56 am — Replies 14 — Views 1234