Nondeductible Contributions. You may make nondeductible contributions to your IRA if you are not able to, or choose not to, deduct your contributions. You report nondeductible contributions to the IRS on IRS Form 8606, Nondeductible IRAs, which is attached to your federal income tax return for the year of the contribution. Failure to report nondeductible contributions, or the overstatement of nondeductible contributions, may result in IRS penalties.
Appears in 8 contracts
Samples: Customer Agreement, Customer Agreement, www.sbhfunds.com
Nondeductible Contributions. You may make nondeductible contributions to your IRA XXX if you are not able to, or choose not to, deduct your contributions. You report nondeductible contributions to the IRS on IRS Form 8606, Nondeductible IRAs, which is attached to your federal income tax return for the year of the contribution. Failure to report nondeductible contributions, or the overstatement of nondeductible contributions, may result in IRS penalties.
Appears in 5 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
