Retirement tax questions
This form is not always required to be filed. However if you have nondeductible contributions that carry from year to year, I would file it every year to keep track of it. And to keep it on point with the IRS. This form is a signature form and can be filed with the tax return or all by it self.
You can reach the 8606 by following the instructions provided by our Tax Expert @marilynjoy and placed here for your convenience. You use the same search and land on the same page in TurboTax CD/Download or TurboTax Online. The same screens come up to enter any nondeductible contributions.
Answer the questions based on your situation. Form 8606 is not always required when there is only nondeductible contributions carried over from a prior year. In the desktop version I had to add the form to the file.
- Click on Forms (top right) > Click on Open Forms > Search for 8606 and add for yourself or your spouse.
- You may need to complete parts of the form but any nondeductible contributions will show up.
Who Must File
File Form 8606 if any of the following apply.
- You made nondeductible contributions to a traditional IRA for 2022, including a repayment of a qualified disaster or reservist distribution.
- You received distributions from a traditional, SEP, or SIMPLE IRA in 2022 and your basis in these IRAs is more than zero. For this purpose, a distribution doesn’t include a distribution that is rolled over (other than a repayment of a qualified disaster distribution (see 2022 Form 8915-F)), qualified charitable distribution, one-time distribution to fund an HSA, conversion, recharacterization, or return of certain contributions.
- You or your spouse transferred all or part of their traditional, SEP, or SIMPLE IRA in 2022 to the other spouse under a divorce or separation agreement where the transfer resulted in a change in the basis of the IRA of either spouse.
- You converted an amount from a traditional, SEP, or SIMPLE IRA to a Roth IRA in 2022.
- You received distributions from a Roth IRA in 2022 (other than a rollover, recharacterization, or return of certain contributions—see the instructions for Part III, later).
- You received a distribution from an inherited traditional, SEP, or SIMPLE IRA that has a basis, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution. You may need to file more than one Form 8606. See IRA with basis under What if You Inherit an IRA? in Pub. 590-B for more information.
[Edited: 02/03/2023 | 1:00p PST]
