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 ...

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 ...

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 ...

Dear Liz: My traditional IRA contains both pre-tax and after-tax contributions. (Some years I was ineligible to deduct contributions because I was participating in an employer’s retirement program.) ...

Q. Hi Dan. I’m looking at making an IRA contribution for 2023 for my wife. We are both in our 40s. I save in a 401(k) but my tax software is saying I can’t deduct any of the contribution for her. I ...

The fact that many financial advisors say they do not provide tax planning belies how much value they may add through that ...

Covid-19-related financial distress may have you thinking about taking Roth IRA withdrawals to improve your cash situation. That’s something to ponder. But before pulling the trigger, please make sure ...

Here's a cheat sheet to help you navigate the most popular tax forms. There's no need to spend another second muddled about all the forms you'll need to file your tax return. Here's a quick resource ...