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Level 2

Question

Form 8606

Forum|Forum|5 years ago
March 23, 2021
1 reply
4 views

My basis on form 8606 did not carry forward from 2019 Turbo Tax. How do I access form 8606 to to report my basis on 2020 tax return?

401K

Level 15

If you used TurboTax Desktop then you should have saved a copy of your tax return on your computer. If you used TurboTax Online then please see How do I access a prior year return?.

To enter your prior year basis you have two options.

Under IRA contributions:

Open your return
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”
Answer “No” to “Is This a Repayment of a Retirement Distribution?”
Enter the amount you contributed
Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes”
Enter the basis amount.

Under the retirement distribution entry 1099-R:

Open your return
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer all follow-up questions
On the "Your 1099-R Entries" screen click "continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?"
Answer the questions about the basis and value

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turbofox9Author

Level 2

Still unable to access form 8606 to include in 2020 tax return.

Level 13

Please review this FAQ.

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