SecondCor521
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Next question, hopefully it's the last one for this year.
Last year when the CPA did my Dad's personal taxes, they filed a Form 8606. The only entries were in part III on lines 22 and 24, which show basis in Roth IRA contributions and basis in Roth IRA conversions.
My Dad is 82 and has had his Roth IRA for more than 5 years. He took a distribution from his Roth IRA in 2018 with a distribution code of Q, which I've dutifully reported on line 4a.
He's probably not going to do any more contributions, rollovers, conversions, recharacterizations or anything like that. He may take some distributions from his Roth IRA in future years to supplement his RMDs / SS / pension, but that's about it.
I don't know of any reason to file a Form 8606 with his tax return this year. In fact, the instructions seem to imply that it shouldn't be filed. Does it need to be filed, and if so, why?
Also, I don't know of any reason to continue to track these Roth basis items. Can anyone think of any?
Thanks!
Last year when the CPA did my Dad's personal taxes, they filed a Form 8606. The only entries were in part III on lines 22 and 24, which show basis in Roth IRA contributions and basis in Roth IRA conversions.
My Dad is 82 and has had his Roth IRA for more than 5 years. He took a distribution from his Roth IRA in 2018 with a distribution code of Q, which I've dutifully reported on line 4a.
He's probably not going to do any more contributions, rollovers, conversions, recharacterizations or anything like that. He may take some distributions from his Roth IRA in future years to supplement his RMDs / SS / pension, but that's about it.
I don't know of any reason to file a Form 8606 with his tax return this year. In fact, the instructions seem to imply that it shouldn't be filed. Does it need to be filed, and if so, why?
Also, I don't know of any reason to continue to track these Roth basis items. Can anyone think of any?
Thanks!