Form 8606

Forum|Forum|3 years ago
February 28, 2023
1 reply
24 views

Both my Federal and State tax returns have been filed and accepted.

It has now come to my attention that Form 8606 has an error. Line 6 of the form was left blank. It should have contained the value of my traditional IRA at the close of December 31, 2022. This information was accessible to Intuit turbotax so I don't understand why it wasn't properly entered on the form.

The Form 8606 error means that Form 1040-SR line 4b is incorrect. Consequently, the adjusted gross income is incorrect.

Since the Federal tax return has errors and since the State tax return requires a copy of the Federal return, the State return is also incorrect.

How is this conundrum to be fixed?

Best answer by fanfare

@fanfare

The following pertains to Form 8606 in the the revised version of my return:

Part I

None of the lines have entries. This is obviously not correct as lines 2, 6,7 and 8 should should have entries in order for the calculations in the ensuing lines to be carried out. On the as-filed return, line 2 had the correct amount. It was available from the 2021 Form 8606.

The required line 6 amount is available from Traditional IRA Form 5498.

The required line 7 amount is available from Roth IRA Form 5498.

The required line 8 amount is available from From 1099-R.

Part II:

Line 16 contains the entire amount of the traditional IRA distribution. This is not correct as it should only contain the amount of the distribution that was converted to the Roth IRA.

Line 17 is zero. It should contain the amount from Part I, line 11, but since Part I was not completed the zero entry is erroneous.

Line 18 is the same as line 16.

Part III is blank, as it should be.

I granted access to Turbotax for all of my tax information from my financial institution as part of the process but I'm now wondering if something is missing. Is there a listing, accessible by me, in my Turbotax account for the tax documents obtained by Turbotax?

Form 5498 doesn't help you at all because it is just informational.

you have to enter all required data in the 1099-R interview.

Contact TurboTax support and have them walk you through the process and then you (and they) can figure out what is happening.

Note: a lot of people complain that the AMEND process doesn't work or if you try to CANCEL the amendment, TurboTax gets confused.

unfortunately your return was closer to correct before you started to amend.

If you can get back to that state, that would be a good time to contact Customer Support.

that means you cancel the AMEND and delete all 1099-Rs and try again.

Note: often deleting all 1099-Rs and reentering them solves a lot of problems.

Critter-3

Level 15

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

fanfare

Level 15

"This information was accessible to Intuit turbotax so I don't understand why it wasn't properly entered on the form."

@rsc68

How's that?

It can't know the value unless you enter it based on your own records.

perhaps you went down the wrong path entering 1099-R so Turbotax did not ask for that value.

rsc68Author

Level 2

@fanfare

You were correct in your assessment. I failed to enter the value of my traditional IRA as of December 31, 2022. I have now used Turbotax to do an amended return based on correctly entering the requested data from Form 1099-R. This has resulted in a change to my adjusted gross income, as expected, but Form 8606 was not updated to reflect the correct traditional IRA value. Is there a way, using Turbotax, to get Form 8606 updated?