The year end value of your IRA is used on Form 8606 to calculate the taxable portion of an IRA distribution when there are nondeductible contributions in the account. If you aren't taking IRA distributions (Form 1099-R), or if you have no nondeductible contributions to recover, that information is not required.
- Open your return if it isn't already open.
- Inside TurboTax, search for this exact phrase: IRA contribution information (copy and paste it if needed).
- 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.
Basis is not the same as value on Form 8606. Line 6 has the value and Line 14 reflects the tax basis.
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