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I had retirement accounts with my previous employer and I rolled them over to an IRA. They contained after tax contributions. Do I need to fill out a form 8606 in the year I rolled into an IRA?


The BIDaWIZ Team's Answer:

The short answer is that you are not required to file form 8606. As per IRS publication and the Form 8606 instructions, you are not required to file the form in the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts. Rather, a Form 8606 is completed for the year you take a distribution from that IRA. You should however complete the form on your own for your own records in tracking the cost basis.

The BIDaWIZ Team



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