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Get your taxes done using TurboTax
You can either enter the prior basis in the retirement section after you enter From 1099-R or in the IRA contribution section.
In the IRA contribution section:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
- Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year.
- Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (or last filed Form 8606)
In the retirement section:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Make sure the IRA/SEP/SIMPLE box is checked on your entered Form 1099-R
- On the "Review your 1099-R info" screen click "Continue"
- Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2023 Form 8606 (or last filed Form 8606).
Please see Who Must File File 2024 Form 8606 for details.
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February 23, 2025
1:10 PM