@CCC261 wrote:
is? This is absolutely ridiculous how TT2021 handles this subject. I ended up have to go in and manually fill out my own 8606 forms What value if TT Premier if it can't do this? Going to go to competitors net year, I don't pay TT2021 to just import my forms for me. I should not have to go read all the booklets and forms myself to figure out.
TurboTax does indeed include the 8606 if it is needed. It cannot add a 8606 that is not in the name of the taxpayer or spouse.
You don't normally enter a 8606 itself. It is automatically created when:
1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA
4) You have distribution from Roth IRA.
[For more information:
See IRS 8606 instructions
https://www.irs.gov/pub/irs-pdf/i8606.pdf
"Who must file" page 1.]
If none of those occurred, then the last filed 8606 remains in effect
There are some circumstances when a 8606 must be filed for other reasons and might require filing a stand-alone 8606.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
