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re: Tax gurus: IRA vs. Brokerage Account Distribution
Posted on 8/2/16 at 4:40 pm to Soft_Parade
Posted on 8/2/16 at 4:40 pm to Soft_Parade
quote:
The 11K would be to a traditional IRA with after tax dollars.
The 11K would be pre tax dollars because every dollar you contribute to a traditional IRA would be tax deductible.
1
Posted on 8/2/16 at 5:32 pm to yellowhammer2098
Not all the time and believe I have my answer since these contributions will be non deductible.
quote:
Form 8606 for nondeductible contributions
Any money you contribute to a traditional IRA that you do not deduct on your tax return is a “nondeductible contribution.” You still must report these contributions on your return, and you use Form 8606 to do so.
Reporting them saves you money down the road. That’s because no individual’s money is supposed to be subject to federal income tax twice. Form 8606 gets it “on the record” that a portion of the money in your IRA has already been taxed. Later on, when you take distributions, a portion of the money you get back will not be subject to income tax.
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