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Get your taxes done using TurboTax
Thank you. To clarify, I do not see a traditional IRA contribution entered? If you did not make a traditional IRA contribution for 2024 or took distribution in 2024 then you are not required to file Form 8606. Please see Who Must File 2024 Form 8606.
I can see that when I add a traditional IRA contribution then the prior basis screen does not come up. This should have been automatically updated in TurboTax Online. I'm not sure why it didn't update for you. You might have to delete your return and start over. Please see How do I clear and start over?
Another option: I was able to trigger the question by add a Form 1099-R to get to the prior year basis question and then delete Form 1099-R again.
- Click on the "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Answer "Yes" to "Did you get a 1099-R in 2024?"
- Select "I'll type it in myself"
- Box 1 enter $10
- Box 2a $10
- Box 7 enter 1
- Check the "IRA/ SEP/ SIMPLE" box
- Continue
- 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 and the value of all traditional, SEP, and SIMPLE IRAs
- Go back to the "Review your 1099-R info" screen and delete the Form 1099-R
Please see What's the TurboTax phone number? if you need further assistance.
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