AICPA personal financial specialist Randy Abeles, CPA, explains when taxpayers must file Form 8606 - the form used to report nondeductible contributions made to traditional IRAs. Question: There are ...

High earners often weigh the mega backdoor Roth against the backdoor Roth to expand tax-free growth. A backdoor Roth works by ...

High earners can expand tax-advantaged retirement options—follow legal steps, file required forms, and avoid common IRS ...

For high-income earners, the 'backdoor Roth IRA' offers a legal pathway to enjoy Roth benefits despite income restrictions. This method involves making after-tax contributions to a traditional IRA and ...

This article, the second of a three-part series on how to implement an effective backdoor Roth strategy, was written by guest contributors Steven Jarvis, CPA, MBA, and Matthew Jarvis, CFP. Continuing ...

Q. When it comes to Form 8606, the form asks for the value of all your IRAs. Does that include Roth IRAs also? I have $10,000 in non-deductible IRAs for which I'm getting a small write-off. -- ...

In this Ask the Hammer, a reader raises the question: “Apparently, there's a great deal of confusion regarding the need to file Form 8606 to only report Roth conversion in a year when no other ...

If you have an individual retirement account, you need to get acquainted with IRS Form 8606 before filing your tax return this year. Failing to file a Form 8606 could result in a $50 penalty unless ...

Carol explained that she had rolled a 401(k) from a former job into a traditional IRA. Later, she began contributing to that IRA with after-tax money — without realizing that, unlike a Roth IRA, she ...

Forbes contributors publish independent expert analyses and insights. I write about achieving wealth and how it intersects with our lives. This article is more than 6 years old. As the April 15 th tax ...