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Get your taxes done using TurboTax
Thanks for responding.
YOUR QUESTION MY RESPONSE
Have not contributed to Traditional IRA since 2013: Correct
Have you been filing 8606 Annually: Assumption that Turbo Tax had continued to file. They had in past versions but it appears to have been dropped from filing.
Also note that my wife’s basis had continued to track, but when I did a manual re-install software requested my wife’s basis dropped off and went to zero. Same issue trying to re-enter her basis again.
Was there an 8606 in 2023: Looking back I did not see one.
The Worksheet/are you using the interview
steps under Deductions & Credits section
in EasyStep for "Traditional and Roth IRA
Contributions" which will ask for prior year basis.: Yes, using step by step.
Traditional and Roth IRA ask for prior year basis: Yes, answered and filled in box with Basis. This is when the calculation runs and increases my refund
Did I have a distribution or conversion: No, distribution or conversion. A conversion occurred back in 1998, Turbo tax was tracking basis correctly well after that.
If changing the basis impacted your taxes then
think it's recalculating a distribution based on the
updated basis
(which would reduce taxable amount on that
Distribution and increase your refund): Agree with your assumption that the program is recalculating a distribution.
If not are you just trying to file 8606 with your
basis that didn't change in 2024?: Yes that is correct, my basis has not changed since 2013, Just trying input my basis for Turbo Tax to track.
What version of TT are you using
- desktop (win or Mac?), or online?: Version 024.000.0339. Using Win 11. Note, have updated to latest version of Turbo Tax, also Help desk re-install the latest version manually.
Please let me know if you have any additional questions.
Thanks for you quick response to this request.