2024 RMD IRA Basis Calculation

[joe c2]

I am using 2024 TurboTax Deluxe Desktop.  2024 is the first year that I had to report a Traditional IRA RMD which was reported on 1099Rs.  TurboTax placed my entire RMD amount in 1040 Line 4b (IRA 'taxable amount').  It also removed all of my Traditional IRA 'Basis' in Line 1, 3, 12 and 17 in the 'IRA Information Worksheet'.  My question is where did the IRA Basis go?  I had expected that the basis amount would be subtracted from my full IRA distribution to get the 'Taxable amount' for 1040 line 4b.  Instead the basis amount is not reflected on any form of my 2024 taxes...like it never existed.  Also there is no Form 8606 in the list of forms so I don't know if that is unusual.

[DanaB27]

After entering your Form 1099-R and selecting continue you should have seen the "Any nondeductible Contributions to your IRA?" screen and then a screen to enter/review your prior year basis from your last filed Form 8606 (if you made nondeductible traditional IRA contributions).

If you do not see the basis screen then please see Why am I unable to report my 2023 for 8606 basis?

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. On the "Review your 1099-R info"/"Your 1099-R Entries" screen click "Continue"
5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
6. Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs