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It38 Form

It38 Form

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Instructions and help about cat it38 return

okay for this video i wanted to cover irs form 8606 with an example of what happens when you have distributions from a traditional ira and you have some basis in that traditional ira so i've got a couple of pieces in front of us here in the example to walk through obviously the 8606 is in front of us and it's part of a sample form 1040 i've got here for our taxpayer john doe and then in addition to this we've got a sample 1099-r that we're going to use for this example and then also an excel spreadsheet here which is going to show kind of how we're tracking our basis in the traditional ira and how ultimately the distributions are going to be subject to tax when you take the money out so to start i want to talk about the 1099r here so this is a sample 1099r looks familiar to a lot of taxpayers so you've got this from the whatever the bank of the custodian is it's got the name of the taxpayer and because this is a traditiona

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