dmertz
Level 15

Retirement tax questions

  1. You should probably file corrected Forms 8606 for yourself that failed to include on line 2 the previous year's correct line 14 amount.
  2. Make sure that your wife's traditional IRA contribution has been properly entered as her own contribution (not as any part of your own contribution) and that it is indeed nondeductible.  (Even if modified AGI allows it to be deducted, you can elect to make it nondeductible.)  If it is nondeductible (including those contributions where the election has been made to make it nondeductible), TurboTax will prepare Form 8606 to show that.  (There might have been an early version of 2018 TurboTax that had some problem with Forms 8606, but that was corrected in late 2018 or early 2019.  Expect the current version of 2018 TurboTax to behave correctly in regard to preparing Form 8606 Part I.)

For many years there really haven't been any changes to TurboTax with regard to entering nondeductible traditional IRA contributions.  One thing to be aware of:  If you inadvertently indicate that you did not make nondeductible traditional IRA contributions, TurboTax will silently delete any of the basis information transferred in from the previous year's tax file.