Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Apr 4, 2022 11:05:30 PM

Why is Turbo Tax is not generating form 8606 for my spouse, just for me? How to I get it to generate this form for both of us?

We both have Roth IRA's that we contributed in excess.  We withdrew all money and put it elsewhere.  TT is only generating one form 8606 for me and not for my spouse

0 4 394
4 Replies
Expert Alumni
Apr 5, 2022 4:31:12 AM

To clarify, are you trying to enter a traditional  IRA contribution for you and your spouse (separate questions) and make it nondeductible for both of you?

 

What codes are on your Form 1099-R for the Roth distribution (withdrawal of excess contribution plus earnings)? Please be aware, if you made Roth IRA contributions for 2021 and you had those contributions returned to you with any related earnings (or minus any loss) by the due date (including extensions) of your 2021 tax return, the returned contributions are treated as if they were never contributed. You don't report these distributions on line 19 of Form 8606. 

Level 1
Apr 5, 2022 10:27:52 AM

These were Roth IRAs and we over contributed without realizing.  We obtained a financial advisor who helped us withdraw money.  What was allowed is still in IRA and what was excess has been reinvested.  

 

Level 1
Apr 5, 2022 10:28:53 AM

It was taken in two separate withdrawals and one is code Q and the other is P and J

Expert Alumni
Apr 5, 2022 10:45:46 AM

Both of these distributions are not entered on Form 8606.

 

Did you contribute to the traditional IRA and try to make it nondeductible?