@Chj1 wrote:
I was able to enter my QCD by temporarily changing my birth date and now TT will let me file although I'm not ready to file yet.
What's puzzling is that according to TT support person I talked to yesterday "form 8606 is a required form needed for the complete reporting of your Qualified Charitable Distribution. To date, that particular form is being updated by the IRS and will not be available until February 10, 2022. "
So TT is going to let me file before the necessary form is ready? That doesn't sound right to me.
A QCD is NOT reported on a 8606. Since the QCD is not taxable any existing non-deductible basis in an IRA can never to applied to a QCD.
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" - except for a QCD which is already not taxable.
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 files for other reasons and might require filing a stand-alone 8606.
https://ttlc.intuit.com/questions/1899503-what-is-form-8606-nondeductible-iras-used-for06.
**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.**
