I'm questioning what the IRS really wants on Line 6 of Form 8606 when converting only one of two different types of IRAs to a Roth.
My non-deductible Traditional IRA was fully converted to a Roth IRA in 2011.
My (deductible) SEP IRA remains unchanged and (no distribution, and no conversion).
The instructions for Form 8606 line 6 state "Enter the total value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2011, plus any outstanding rollovers."
If I'm not converting my SEP IRA to a Roth, do I really need to include its value on line 6 as instructed? I'm assuming the IRS intended to instruct "Enter the total value of as of December 31, 2011 for those IRAs that you are converting." I'd further justify this interpretation because Part I of Form 8606 deals with non-deductible IRAs and distributions (neither of which apply to my SEP).
Thanks in advance for any clarification / insight.
My non-deductible Traditional IRA was fully converted to a Roth IRA in 2011.
My (deductible) SEP IRA remains unchanged and (no distribution, and no conversion).
The instructions for Form 8606 line 6 state "Enter the total value of all your traditional, SEP, and SIMPLE IRAs as of December 31, 2011, plus any outstanding rollovers."
If I'm not converting my SEP IRA to a Roth, do I really need to include its value on line 6 as instructed? I'm assuming the IRS intended to instruct "Enter the total value of as of December 31, 2011 for those IRAs that you are converting." I'd further justify this interpretation because Part I of Form 8606 deals with non-deductible IRAs and distributions (neither of which apply to my SEP).
Thanks in advance for any clarification / insight.