Once you take the steps below you should see your basis populate in the return. Please update here if the amount does not populate automatically. Although the 8606 is not required to be filed unless there are current year nondeductible contributions, it's always good to keep a copy for your files to track the IRA cost basis (nondeductible contributions) until you are ready to take distributions.
To trigger the 8606 in TurboTax
For the 4 situations listed at the top of this article (click the link), you can trigger Form 8606 with these instructions:
- Open your return if it isn't already open.
- Inside TurboTax, search for this exact phrase, including the comma: ira contribution information
- Select the Jump to link in the search results.
- Proceed through the IRA section, answering questions as you go.
- When you reach the screen Any nondeductible contributions to your IRA? answer Yes, then continue. We'll generate and fill out the 8606 behind the scenes.
- See the image below for assistance.
Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."
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