Retirement tax questions

AHHHH, this is how you get TurboTax to generate 8606: Answer YES to "I made and track non-deductible contribution to my IRA", AND enter your full address.  However note when e-file or printing, TurboTax still does not print form 1099-R nor 8606.  Until Turbo generates it, I simply to the IRS website and download 8606 and fill it out myself.  Youtube has a video showing how filling out 8606 is very simple.  Next file Amend 1040SX and print and attach 8606.  Amend is not a big deal, only print 1040sx and 8606, a few pages.  When you retire, you need all the 8606 to show the total basis and don't pay tax on the distribution.

While we here, I am because you doing  Backdoor Roth. If so, make sure you follow change box 7 "2" (you be tax 24% on $7,000) to "G"/"N" (you won't be tax on 24% on $7,000, hench "Backdoor Roth", wala) on 1099-R to avoid being double Taxed !!! Verify by 1040 entry 4b should be $0 (or empty).

 

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