Form 8606 needed, but I cannot figure out how to trigger it. Years ago, I made non-deductible contributions to my IRA. Now I am withdrawing IRA money in retirement.

twometerchris · ‎March 3, 2022

How to account for nondeductible IRA contributions?

ThomasM125 · ‎March 3, 2022

After you enter your form 1099-R that reports the pension plan distribution, you will see a screen in TurboTax that says Any Nondeductible Contributions to Your IRA? You will answer "yes" to that question and then you will be prompted to enter the basis (amount you contributed) to the IRA at December 31, 2020 and on the next screen you will enter the value at December 31, 2021. From that information, TurboTax will discern and report the taxable portion of your distribution, by completing form 8606 automatically.

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fanfare · ‎March 3, 2022

In your situation you must have in your records, the most recently filed Form 8606 that has your

current basis.

You can't file correctly without it.

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Form 8606 needed, but I cannot figure out how to trigger it. Years ago, I made non-deductible contributions to my IRA. Now I am withdrawing IRA money in retirement.