@Gleam55 wrote:
I made my last IRA contribution in 2017. TT stopped generating an 8606 for 2018 to present. I made Roth Conversion withdrawals in 2019, 2020 and 2021. Now my taxes sky rocket when i go through the retirement account section. Do i need to go back to 2018 and submit new 8606's by hand for each year?
Just 1 of many problems i have with TT with this section.
You don't normally enter a 8606 itself. It is automatically created when:
1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA
4) You have distribution from Roth IRA.
If none of the above then the last filed 8606 remains in effect no matter how old it is.
For the 2021 conversion, you need to enter the laat filed 8606 (2017) line 14 amount when asked for the prior years non-deductible basis.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
