MaryK4
Expert Alumni

Retirement tax questions

After you enter your 1099-Rs, you will get the follow-up question "Any nondeductible Contributions to Your IRA?" (see below).  Answer Yes and the next few questions will be used on your 8606.

 

Your IRA basis is the total basis for all traditional IRA accounts combined together. This prevents manipulation by a taxpayer trying to use the basis for one IRA account to offset withdrawals from another account.  See Form 8606 Line 6.

 

 

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