You should keep the filed Form 8606 with the basis shown on line 14 for your records and enter the basis when taking distributions (when you are 59 1/2). TurboTax does all the calculations and Forms for you and it's an easy step to enter it in the retirement interview. Otherwise, you will be paying taxes again on the money unnecessarily.
Here are the easy steps in the 2022 Turbotax version:
Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Continue through the questions
- On the "Review your 1099-R info" screen click "Continue" after you entered all your Form 1099-Rs
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your last filed Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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