DanaB27
Expert Alumni

Deductions & credits

Yes, TurboTax will create the 2024 Form 8606 when it shows you that $0 is deductible because you have a retirement plan at work and are over the income limit. You are on the right path. You will have a 2024 Form 8606 with a basis on line 14 and this will be carried over to your 2025 return.

 

To check Form 8606 is included please follow the steps below. Please note you may have to pay to be able to view/print the full tax return.

 

  1. Select Tax Tools on the left and then Print Center 
  2. Select Print, save or preview this year's return
  3. Select federal return and choose to print just the tax return

 

 

 

Next year on your 2025 tax return:

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA
  5. On the "Review your 1099-R info" screen click "Continue"
  6. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
  7. Answer the questions about the basis from line 14 of your 2024 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

 

@sswami189 

 

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