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Retirement tax questions
An 8606 is automatically created when:
1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA
If none of those occurred, then the last filed 8606 remains in effect
If you use TurboTax every year and transfer from the previous year then then the "IRA Informative Worksheet" will transfer and track the IRA basis on lines 1 & 3.
1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA
If none of those occurred, then the last filed 8606 remains in effect
If you use TurboTax every year and transfer from the previous year then then the "IRA Informative Worksheet" will transfer and track the IRA basis on lines 1 & 3.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 3, 2019
10:36 AM