Form 8606 Nondeductible IRAs 2015

Summary: This is an example of Form 8606 (2015) as pertains to the description in the text. The line items completed are:

Name. If married, file a separate form for each spouse required to file Form 8606. See instructions” field contains Bill King
Your social security number” field contains 002-00-0000
Under“Part I: Nondeductible Contributions to Traditional IRAs and Distributions From Traditional, SEP, and SIMPLE IRAs”:
1. Enter your nondeductible contributions to traditional IRAs for 2015, including those made for 2015 from January 1, 2016, through April 15, 2016 (see instructions)” field contains 0
2. Enter your total basis in traditional IRAs (see instructions)” field contains 2,000
3. Add lines 1 and 2” field contains 2,000
4. Enter those contributions included on line 1 that were made from January 1, 2016 through April 15, 2016” field contains 0
5. Subtract line 4 from line 3” field contains 2,000
6. Enter the value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2015, plus any outstanding rollovers (see instructions)” field contains 1,800
7. Enter your distributions from traditional, SEP, and SIMPLE IRAs in 2015. Do not include rollovers, a one-time contribution to fund an HSA, conversions to a Roth IRA, certain returned contributions, or recharacterizations of traditional IRA. contributions (see instructions)” field contains 600
9. Add lines 6, 7, and 8” field contains 2,400
10. Divide line 5 by line 9. Enter the result as a decimal rounded to at least 3 places. If the result is 1.000 or more, enter 1.000” field contains .833
12. Multiply line 7 by line 10. This is the nontaxable portion of your distributions that you did not convert to a Roth IRA.” field contains 500
13. Add lines 11 and 12. This is the nontaxable portion of all your distributions” field contains 500
14. Subtract line 13 from line 3. This is your total basis in traditional IRAs for 2015 and earlier years” field contains 1,500
15. Taxable amount. Subtract line 12 from line 7. If more than zero, also include this amount on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b” field contains 100