PKCPAMST
Level 5
03-19-2021
10:23 PM
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Form 8606, Part I is used when the taxpayer -
1. Made nondeductible contributions to a traditional IRA for 2020,or/and
2. Made nondeductible contributions to a traditional IRA in 2020 or an earlier year AND took distributions from a traditional, SEP, or SIMPLE IRA in 2020, or/and
3. Made nondeductible contributions to a traditional IRA in 2020 or an earlier year AND converted part of traditional, SEP, or SIMPLE IRAs to Roth IRAs in 2020.
Enter relevant information in Screen 24 in Section Traditional IRA under Form 8606 (Part I) prompts, and Form 8606, Part I, Line 7 will populate.