Nondeductible IRA Salt Lake City UT
Just a reminder that if any of you have made contributions to IRAs in the past where there has been a nondeductible portion of the contribution, you must keep track of this amount and file Form 8606 to substantiate it on a yearly basis. If you don’t do this the IRS may challenge the nontaxable portion of a distribution containing this previous nondeductible contribution. Again it is imperative that you keep track of this from year to year. Nondeductible IRA Salt Lake City UT.