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Question 61 of 75. Form 8606 is used for all of the following purposes EXCEPT Claiming an exception to the penalty on an earl
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Answer- Form 8606 is used for all of the following purposes EXCEPT____

The correct option is a)-Claiming an exception to the penalty on an early distribution from a retirement plan.

Form 8606 is used for the following purposes:-

1-calculating the taxable portion of a traditional IRA distribution.

2- Distribution from traditional, SEP or simple IRA'S, if you have ever made Non-Deductible contribution to traditional IRA'S

3-Determining the taxable amount of a nonqualified distribution from a Roth IRA.

4-Determining the taxable amount of a traditional IRA converted to a Roth IRA.

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