DanaB27
Expert Alumni

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:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions” 
  3. Click on “Jump to IRA contributions"
  4. Select “traditional IRA
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  6. Enter the amount you contributed
  7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  8. 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.
  9. Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (or last filed Form 8606)

 

 

In the retirement section:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Make sure the IRA/SEP/SIMPLE box is checked on your entered Form 1099-R
  4. On the "Review your 1099-R info" screen click "Continue"
  5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
  6. 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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