After a few hours trying to trigger an 8606 for my 2023 taxes--
I've been retired 20+ year and used TT all those years. I have only traditional IRAs. This year it took me a few hours to figure out how to trigger an 8606. I downloaded data from Fidelity which included IRA distribution info, but I also have an IRA acct at Vanguard.
I needed an 8606 to show year-end values of both IRA accts and to calculate only the taxable portion of my distribution. The data from Fidelity included info on my RMD and generated a 1099-R "Distributions from Pensions, IRAs, etc" To trigger the 8606 I needed to make entries on this form,
Inherited or type of IRA:
Check -- from a traditional IRA
Section headed “Traditional IRA Basis and Value Smart Worksheet”
Basis: quick zoom to enter traditional IRA basis – Taxpayer
Value: quick zoom to enter year-end IRA value – Taxpayer
Voila!! An 8606 was generated. Hope this works for you.
