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Yes it is if required. If you made a new non-deductible Traditional IRA contribution, had a distribution from an IRA that had a basis, or did a Roth conversion.
A 8606 must be manually prepared for an inherited IRA with a basis because the IRS does not allow e-filing it.
Yes it is if required. If you made a new non-deductible Traditional IRA contribution, had a distribution from an IRA that had a basis, or did a Roth conversion.
A 8606 must be manually prepared for an inherited IRA with a basis because the IRS does not allow e-filing it.
Hi @macuser_22, I just came across this reply of yours while looking for some information. I'm trying to get our 2019 return filed as quickly as possible because it has significantly lower AGI than our 2018 return, and I'd like to qualify for a larger stimulus check. However, we do have an inherited IRA with basis from which we took a required distribution in 2019. I'm trying to determine if I can e-file the bulk of our return and just manually prepare, print and mail form 8606 so I can get our 2019 return processed quicker. Do you know if this is allowed, and would it even process quicker if the one form is not present?
Thanks
You can file now and amend later if needed ... the form 8606 can also be filed on it's own.
@nfp0824 wrote:
Hi @macuser_22, I just came across this reply of yours while looking for some information. I'm trying to get our 2019 return filed as quickly as possible because it has significantly lower AGI than our 2018 return, and I'd like to qualify for a larger stimulus check. However, we do have an inherited IRA with basis from which we took a required distribution in 2019. I'm trying to determine if I can e-file the bulk of our return and just manually prepare, print and mail form 8606 so I can get our 2019 return processed quicker. Do you know if this is allowed, and would it even process quicker if the one form is not present?
Thanks
A 8606 for an inherited IRA with a basis can ONLY be manually prepared and mailed. Since an inherited IRA must be kept in the name of the deceased TurboTax only supports 8606 forms for the taxpayer and spouse.
@macuser_22 So, does that mean the ENTIRE return must be manually prepared and mailed, or just form 8606? That's the part that I'm not clear about. Can I e-file the rest of the return and manually prepare, print and mail JUST 8606? Thanks.
@Critter I'd like to avoid having to do an amended return if possible. To your knowledge, can I just file 8606 by mail without it involving an amended return? In other words, can I e-file my return showing the reduced, taxable portion of our distribution with no supporting 8606 in the e-file submission, and then, just send the printed, supporting 8606 later? If you think this is possible, do you know if there is an IRS publication that gives the instructions for doing this? Thanks.
It is a stand alone form ... https://www.irs.gov/forms-pubs/about-form-8606
@nfp0824 wrote:
@macuser_22 So, does that mean the ENTIRE return must be manually prepared and mailed, or just form 8606? That's the part that I'm not clear about. Can I e-file the rest of the return and manually prepare, print and mail JUST 8606? Thanks.
No. Only the 8606 for the inherited IRA must be manually prepared, but yes, it must be part of your 2019 tax return so the entire return can only be mail filed with the 8606 attached. You mist enter the 1099-R for the inherited IRA on the tax return and the 8606 must be part of that tax return to support what you claim.
[Nothing requires you to report the basis in an inherited IRA. If that basis is small and the tax savings are small, sometimes it makes sense to not report it at all and just pay the additional tax and avoid the 8606 all together.]
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