Business & farm

When I first ran into the form 8606 not ready alert I wanted to rag on Intuit but after a little research I found it the delay was due to the Fed still trying to sort out the new tax law impacts.

Today (2/15/18) TurboTax sent out an update that included an updated 8606 form. However, user beware. Even though I previously transferred all data from my 2016 taxes, the previous year’s basis did not appear on the 2017 form 8606. I had to manually enter the value through the cryptic quick zoom worksheet. Once I did that everything calculated. Had I not checked, all the error checking would have passed fine, but I would not have had a correct return!