No. Do not include your 401K qualified retirement plan amounts as they are not considered Traditional IRAs for reporting on an 8606. A deemed IRA is one in which a qualified employer plan (retirement plan) maintains a separate account or annuity under the plan to receive voluntary employee contributions.
The purpose of this 8606 is to establish your basis in your true IRA accounts. It is to report:
- Nondeductible contributions you made to traditional IRAs;
Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs;
Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs; and
Distributions from Roth IRAs
Let me know if this resolves your tax question. Thank you for
choosing TurboTax. Have a wonderful
day! ~Leslie, EA
