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Posted by Dave on May 11, 2009, 3:16 pm
On May 11, 10:52 am, BreadWithS...@fractious.net wrote:
> > On May 9, 1:01 pm, BreadWithS...@fractious.net wrote:
>
> > > The important ones are anything where
> > > money crosses the barrier into or out of the account
> > > itself.
>
> > I do have all of the statements for when each of the
> > rollovers was done. Why are these important?
>
> Assuming that the rollovers were all pre-tax money,
> you probably won't need any of that documentation,
> either. If you've got post-tax money going into the
> IRA (and thus, have basis in it), you'll want careful
> records of that so you don't pay taxes on that money
> a second time.
The correct way to keep track of post-tax contributions to an ordinary
IRA is via IRS Form 8606 that you file with your federal income tax
return in any year that you make a non-deductible contribution, take a
distribution from your ordinary IRA, or do a conversion from your
ordinary IRA to a Roth IRA. You want to keep the last Form 8606 you
file until you file your income tax return for the last year that you
have an IRA balance.
Dave
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