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Get your taxes done using TurboTax
The 8606 is only generated when you have non-deductible contributions. This means something went wrong. Income, data entry, or other oddity of nature, created a taxable IRA.
For data entry, see Where do I enter my Traditional or Roth IRA?
For income, if neither of you had a retirement plan available, there is no phaseout. Click the blue phaseouts that limit the IRA deduction.
Deductible contributions to a traditional IRA will show up on your sch 2 as an adjustment to income on line 19 titled IRA deduction.
Saver's Credit
Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA.
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‎February 9, 2021
12:13 PM