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 non-deductible contributions to IRAs were made. While IRS publications and form instructions seem to clearly indicate that it's required, many advisors seem to be divided on the issue. Where do you stand and why do you think there's confusion given that the IRS seems quite clear about it?”
Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Robert Powell, editor of Retirement Daily, to answer this question.
Jeffrey and Bob also discuss backdoor Roth contributions and other tax concepts.
Watch the full episode to find out the straightforward answer to this reader's question.
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