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Form 8606 Calculation Error - Turbotax 2020

OK - you are using the desktop version so switch to the forms mode and select the 1099-R form.

 

At the top of the form is the spouses box checked?

 

Scroll down to line B7.   Is the box 1099-R box 1 that was converted on line B4 and B7?

**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.**
andsmi5521
Returning Member

Form 8606 Calculation Error - Turbotax 2020

spouse box is checked.

B7 is blank,

B4 is blank

andsmi5521
Returning Member

Form 8606 Calculation Error - Turbotax 2020

B1 is checked with a X.--> entire distribution is rolled over

Form 8606 Calculation Error - Turbotax 2020

Then you did not enter the conversion.

 

In the 1099-R interview you picked the rollover box instead of the other box.

 

Screen Shot 2021-05-03 at 5.56.27 PM.jpg

 

 

**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.**
andsmi5521
Returning Member

Form 8606 Calculation Error - Turbotax 2020

Thank you!  Hurray. you fixed my error.  That was my issue.  I picked rolled over all of money which was not right for TT.  You made my day!  I have been struggling this for weeks.

Form 8606 Calculation Error - Turbotax 2020

Glad to help.  It is a easy mistake to make.

**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.**
ipd
Returning Member

Form 8606 Calculation Error - Turbotax 2020

only got 1/2 of what your program states I should have gotten.

 

Why??

 

Form 8606 Calculation Error - Turbotax 2020


@ipd wrote:

only got 1/2 of what your program states I should have gotten.

 

Why??

 


TurboTax receives no information from the IRS or a State concerning a tax refund.

 

Go to this IRS website for federal tax refund FAQ's - https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions

 

Why is my refund different than the amount on the tax return I filed? 

All or part of your refund may have been used (offset) to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans. To find out if you may have an offset or if you have questions about an offset, contact the agency to which you owe the debt.

We also may have changed your refund amount because we made changes to your tax return. This may include corrections to any incorrect Recovery Rebate Credit amount. You’ll get a notice explaining the changes.  Where’s My Refund? will reflect the reasons for the refund offset when it relates to a change in your tax return.

Tax Topic 203, Refund Offsets for Unpaid Child Support, Certain Federal and State Debts, and Unemplo... has more information about refund offsets.

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