IRS Releases Draft 2025 Instructions for Form 8606

The Internal Revenue Service has released 2025 draft Instructions for Form 8606, Nondeductible IRAs. Form 8606 is filed by taxpayers who have made nondeductible traditional IRA contributions for 2025, and by taxpayers who have made nondeductible traditional IRA contributions in previous years and have taken distributions from a traditional, SEP, or SIMPLE IRA in 2025 or converted part of their traditional, SEP, or SIMPLE IRAs to Roth IRAs in 2025.