IRS transcript does not show form 8606

[zombi12]

Hi

I made non-deductible IRA for 2020 and 2021. Turbotax generated the form correctly for both years. I saved the return records. Then filed.

However, I've checked IRS transcripts online. And there is NO 8606 form for both years' transcripts.

Am I missing something? Was it a turbotax's bug? The tax records do have the form, but why not in the IRS transcripts?

I'm picking my head wondering I need to refile 1040X to include 8606 and mail in.

Please help.

[tagteam]

See https://www.irs.gov/individuals/transcript-types-and-ways-to-order-them

You probably need to order your full return via Form 4506.

[zombi12]

THanks,

So you're saying the online version does not contain 8606, but the full transcript does?  

I just assumed online and requested versions are the same.

[tagteam]

No, probably the copy of your full return.

[DoninGA]

For a fee of $43 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

[zombi12]

Thank you,

My question is that " is general consensus that Form 8606 entries should be displayed in IRS online transcripts"? 

I can request the copy of my return. However, I found another thread here that the person has exactly the same problem. And that someone stated that there may not be a photocopy for e-file.

I'm just frustrated that I can't find 8606 form anywhere in the IRS transcripts. I just assumed turbotax e-filed correctly. I checked my returns gazillion times and saved all copies of all forms before I filed. 

[rjs]

With Google I found a couple of sources saying that, while the Form 8606 should be included in the IRS transcript, the IRS sometimes fails to pick up the 8606, or picks up only part of the information from the form. So it might be that the IRS system has some bugs in handling this form.

Another 8606 thread - IRS transcript shows all zeros

(from 2018)

"The failure is at the IRS, not with the major tax programs."

Reconstructing Lost IRA Basis To Help Avoid Double Taxation

(by Jeffrey Levine, CPA, 2021)

"In situations where a client with basis in their Traditional IRA cannot find a tax return with Form 8606 attached, one option would be to ask the IRS for a copy of the Return Transcript for previous years. Theoretically, this transcript should indicate any amounts reported on Form 8606. Unfortunately, though, it’s not uncommon to find Return Transcripts lacking such information, even when Form 8606 was included with the return." [emphasis added]

[zombi12]

Thanks

I do have my tax return records, include my 8606 forms of course. I saved everything. 

I wonder that would be enough.  

I never thought that IRS tax records would miss the form for 2 consecutive years.

What's the odd of that? If the online transcript doesn't have it, I doubt that the copy of the return has it either. 

After all that I've done right. now not sure what to do.

[rjs]

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@zombi12 wrote:

After all that I've done right. now not sure what to do.

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Don't do anything. There is no way that you can get the information added to the IRS transcripts. Just hold onto your copies of the tax returns, with the Form 8606. Keep paper and PDF copies. After a few years there might not be any way to read the TurboTax .taxyyyy files.

[dmertz]

A transcript of your tax return only includes the information from Form 8606 involved in the calculation of the taxable amount of a distribution.  If your Form 8606 only reported a contribution, the lack of any mention of Form 8606 in your transcript is expected and is of no consequence.