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Retirement tax questions
If you are using TurboTax Online, when you entered your Traditional IRA contribution, you should have been asked: "Any Nondeductible Contributions to [name's] IRA?". After answering Yes, the next page would have an entry screen for your nondeductible contributions (your basis) to your traditional IRA(s). The amount you enter will appear on line 2 of Form 8606.
If you are using TurboTax Desktop, switch to Forms mode by clicking on "Forms" in the upper right of your screen. Once in Forms mode, you either 1) scroll through the list of forms and locate Form 8606, then click to open; or, 2) you can click on "Open Form" and then type in Form 8606, click on the form to open. Below line 1 you will see a box with "Traditional IRA Basis Smart Worksheet". Click on the "QuickZoom" to enter the total traditional IRA basis fort 2023 and earlier years. Enter your basis on line 12 of Part III.
FYI, if you are filing a joint return, there will be two Forms 8606 in your return: Form 8606-T is the taxpayer, and Form 8606-S is the spouse.
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