For a 2022 update on nontaxable distributions:    • How to file Form 8606. StepbyStep G...  

For other tutorials on preparing Form 1040, see our playlist:
   • Form 1040 (Individual Income Tax) Tut...  

If an individual makes contributions to a traditional IRA during the year, those contributions are generally taxdeductible. However, in certain circumstances, the deduction may be reduced or eliminated completely.

If a Taxpayer makes contributions that are not deductible, it is very important that the Taxpayer tracks their basis in the traditional IRA using IRS Form 8606.

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended, and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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