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Level 2
posted Feb 22, 2021 12:22:47 PM

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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2 Best answers
Expert Alumni
Feb 22, 2021 12:38:19 PM

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.

Level 15
Feb 22, 2021 1:52:13 PM

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.

5 Replies
Expert Alumni
Feb 22, 2021 12:38:19 PM

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.

Level 2
Feb 22, 2021 1:04:38 PM

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?

Level 15
Feb 22, 2021 1:52:13 PM

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.

Level 1
Apr 21, 2021 12:13:30 PM

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

Level 15
Apr 22, 2021 8:36:45 AM

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).