Fed tax form – 8606- nondeductible IRA’S
I am 78 years young & have been trying to not filling out this 8606’tax form. I am willing to let the fed gov keep their money that is owed me. The owe me about $3035.29 for the tax year 2021 , but I can only write off approx. $250.00 each year. So I can pass away & then it’s a headache for my wife & the my 3 kids who will inherit this crazy form. I email Ed Slott & talked to the IRS but it’s a dead end with both. Please offer me any suggestions or who else I could contact. Thank you.
Terry Says
Wait — you have me a little confused here, so please post again and answer these questions:
1. WHY are you filing out a form 8606? This is typically done to report non-deductible contributions to an IRA (though there are some other reasons, which you will find here.) But at your age, I doubt you are still making contributions to a retirement plan. So please give me details on why you are filing this form.
2. What do you mean the “government keep the money that is owed to you.” If it is a tax refund, they are way behind. But you will get your money and also 3% interest on it. BE patient. Your 2020 tax year refund (on the return you filed last year in 2021) will get to you one of these days.
3. You mentioned a $250 writeoff? For what do you get a writeoff?
Finally, have you worked with a CPA to file your taxes in the past? If not, I think you should do so this year –and bring along a copy of last year’s return.
