Here's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.ere's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.
If you've made nondeductible contributions to your traditional IRA, you have to use Form 8606 to figure the taxable and nontaxable portion. Otherwise, the entire amount is taxable. In addition, if you take a taxable non-qualified withdrawal, you'll have to figure the 10 percent additional tax with Form 5329.
If you made a contribution to a Roth IRA and later recharacterized it or made a Roth conversion, you can review the following IRS forms and publications, which provide guidance on how to report those transactions on your income tax return: 1  IRS Form 8606, Nondeductible IRAs, and the related instructions.ontributions. Vanguard reports contributions to all types of IRAs on IRS Form 5498, IRA Contribution Information. For tax year 2014 contributions, we'll mail Form 5498 to you in May 2015, so you have the document for your records.