Solved: Form 8606
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tom_gilbert
Level 2

Form 8606

I'm confused, on form 8606, line 6 should I include the value of ALL of my IRA's/401(k) rollovers or just the value of my non-deductible IRA's?

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DavidD66
Employee Tax Expert

Form 8606

You should include ALL of your IRAs (other than Roth IRAs) on Line 6 of Form 8606.  That would include any 401(k) rollovers, and traditional IRAs, whether the contributions were tax deductibile or not.

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dmertz
Level 15

Form 8606

Line 2 is you basis from nondeductible traditional IRA contributions made for years prior to 2020.  Any amount of traditional IRA contributions you made for 2020 should be on line 1, not included on line 2.

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5 Replies
DavidD66
Employee Tax Expert

Form 8606

You should include ALL of your IRAs (other than Roth IRAs) on Line 6 of Form 8606.  That would include any 401(k) rollovers, and traditional IRAs, whether the contributions were tax deductibile or not.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

tom_gilbert
Level 2

Form 8606

Thanks for this. Just as a follow up, on line 2 of for 8606 then I should only include my non-deductible contributions as my "basis", right?

dmertz
Level 15

Form 8606

Line 2 is you basis from nondeductible traditional IRA contributions made for years prior to 2020.  Any amount of traditional IRA contributions you made for 2020 should be on line 1, not included on line 2.

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djsdc
Level 1

Form 8606

On Line 6 should I include my 401K if it is still with my former employer although I am retired?

dmertz
Level 15

Form 8606

Nothing about a 401(k) goes on Form 8606.  A 401(k) is not an IRA.  When TurboTax asks for the year-end value of your traditional IRAs, include only your traditional IRAs, not the 401(k).

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