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 ...

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 ...

Working Americans received a significant retirement-saving option when the Roth IRA went into effect on Jan. 1, 1998. For many savers who couldn’t receive a tax-advantage benefit for contributing to ...

Q: My neighbor mentioned that I-bonds are paying 7.12%. What are I-bonds? Why are these bonds paying over 7% when most banks are paying close to zero percent? A: I-bonds are savings bonds backed by ...

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 ...

Do I need to fill out Form 8606? Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a reader question about when to fill out Form 8606 and why.