Form 8606 line 2-Nondeductible contributions basis

[CaRoFi]

I am using the TurboTax Online Premium version, and I have the same problem reported by other members, i.e. I am unable to enter a non-zero amount on line 2 of Form 8606 because the question “Any Nondeductible Contributions to Your IRA?” does not appear during the interview. As per the advice I found online, I clicked on the Why am I unable to report my 2023 for 8606 basis?  link to sign up for updates. It looks like the issue was reported a while ago, but there is no fix or update so far. I am ready to file, and this is the only issue holding me back. I don't know if it's going to be fixed on time, and what to do if it doesn't. What are my options ? Should I print my federal return from TurboTax, insert a manually corrected Form 8606, and then mail my return the old fashioned way, rather than file electronically via TurboTax ?

[DavidD66]

I recommend you file an extension.  Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return gives you an additional 6 months (until October 15) to file your return.  To file an extension using TurboTax go to Free federal tax extension is now available 

Extending your filing deadline does not change the deadline for payment of any tax that is due. If you think you owe, estimate the amount and pay it by the April tax return filing due date.

[CaRoFi]

Thank you, DavidD66.

[dmertz]

TurboTax seems to be functioning normally with respect being able to enter your basis in nondeductible traditional IRA contributions.  During entry of Forms 1099-R, this question will only appear after clicking the Continue button on the page that lists the Forms 1099-R that you have entered if you have entered a Form 1099-R that has the IRA/SEP/SIMPLE box marked.  If you have entered no such Form 1099-R, TurboTax has no need to ask this question in this section.

You can also reach this question by indicating under Deductions & Credits that you have a traditional IRA and proceed through the questions that follow.  This will allow you to add the basis to TurboTax for tracking purposes even if you made no distributions that are required to be reported on Form 8606 Part I.