It depends. It should be updated now.
- Go to federal>wages and income>all income
- Retirement plans and Social Security>show more
- Ira (401K), pension plan Withdrawals(1099R) Revisit
- Now you should see a summary screen.
- Be sure your Turbo Tax program is updated if using the software. If using Turbo Tax Online, the program should be updated.
- As you enter, here will follow-up questions. Be sure to say no when it asks if you inherited the IRA from the payer.
- Also if you are using the software, you may need to go to forms and manually adjust the 8606 amounts that accurately reflects the basis that should appear.
- Note: If you reported a QCD from an RMD, but could reduce basis if there were non-deductible contributions made to the account.
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