Paying Your Taxes Without Tipping the IRS: CZTE Extraction and IRS Form 8606

Tracking CZTE Contributions, TSP Rollovers, and Non-Deductible IRA Basis to Avoid Double Taxation

• Overview of TSP Rollovers: Understand the process and benefits of rolling over Thrift Savings Plan (TSP) funds.
• CZTE Contributions: Learn how to extract Combat Zone Tax Exclusion (CZTE) contributions from TSP accounts.
• Tax Implications: Explore the tax benefits and considerations of CZTE contributions.
• IRS Form 8606: Gain insights on completing IRS Form 8606 for reporting non-deductible contributions to traditional IRAs.
• Avoiding Double Taxation: Learn how to track the basis of non-deductible contributions to prevent double taxation.

This presentation will provide participants with essential knowledge and practical steps to manage TSP rollovers effectively, utilize CZTE benefits, and ensure accurate tax reporting with IRS Form 8606.

Speakers