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Impact of CARES Act on Form 8606
The software asks questions related to our IRA's and Form 8606. Since we repaid the RMD's we took out in 2020, the software should not be asking if we need to fill out that form. If we bypass that form however, will the data from 2020 pass through to 2021 as it should? This seems to be an easy fix....just ask whether all of the RMD taken out was repaid, then update TurboTax to assure that the data is carried over to 2021 taxes. Because if we answer "no" to questions about Form 8606 as it is now, there will be an error in 2021.
‎February 10, 2021
11:56 AM