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Level 2

Question

Form 8606

Forum|Forum|4 years ago
February 26, 2022
5 replies
1 view

I received a distribution from an inherited IRA with basis. Although TurboTax asks about the basis, it requires the taxpayer to calculate the taxable portion offline. I do this every year by manually preparing Form 8606. Although TurboTax correctly posts the taxable portion of the distribution, it does not generate Form 8606 that is required by the IRS. Every year I override Form 8606 with the correct entries and attach it to my 1040 which I have to mail because Iam unable to Efile the return because of this overridden form. Does anyone know how to get this form to populate?

JillS56

Level 10

In TurboTax, search for this exact phrase, including the comma: 8606, nondeductible IRA contributions. Select the Jump to link in the search results. Proceed through the IRA section, answering questions as you go.

Where do I find Form 8606?

To trigger the 8606 in TurboTax

For the 4 situations listed at the top of this article, you can trigger Form 8606 with these instructions:

Open your return if it isn't already open.

Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions

Select the Jump to link in the search results.

Proceed through the IRA section, answering questions as you go.

When you reach the screen Any nondeductible contributions to your IRA? answer Yes, then continue. We'll generate and fill out the 8606 behind the scenes.

Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."

phee19Author

Level 2

This method only works on my husband’s IRA which was not inherited. His Form 8606 has always generated. This does not work on my inherited IRA.

fanfare

Level 15

Do you have the correct taxable amount on Line 4b?

E-file your return, don't file on paper.

After it is ACCEPTED,
get Form 1040-X from IRS website and mail it in with your 8606, which you can also get in fillable PDF.
Note: since you are not changing any dollar amounts on your amended tax return, you can leave all the lines 1-23 EMPTY.
The names on 8606 should be "<owner> and <your name> BENE" or Beneficiary if it fits, and your SSN.

Part III explanation: "didn't include Form 8606 with e-File".

You will have to mail it so this does not use up your one 1040-X e-File.

In a few months to a year, you will get an acknowledgement from the IRS.

emilsalve

Level 2

We were excused from taking a required minimum deduction in 2020 because of Covid, but we took RMDs in 2021.

How can I check Form 8606 in order to see that the correct basis and the correct total value for our IRAs are included on those 8606 forms?

fanfare

Level 15

@emilsalve

You have to do this by visual inspection.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

jtax

Level 10

@fanfare I appreciate the suggestion to efile and then mail in a 1040X with the manual 8606. But I was worried because the 8606 instructions say

File 2021 Form 8606 with your 2021
Form 1040, 1040-SR, or 1040-NR by
the due date, including extensions, of
your return.

And by your method the 8606 is not filed with the 1040.

But I found authority for either filing a 1040x as you suggest or a "second" 1040 before the due date. (this does NOT say extended-due date). Basically in that case the IRS considers the 1040x or second 1040 to be a "superseding return" and will deem it to be timely filed and (at least for a second 1040) to override anything on the first return.

See I.R.M. 21.6.7.4.10 https://www.irs.gov/irm/part21/irm_21-006-007r#idm140031113580544

Also of interest is https://www.meadowscollier.com/amended-tax-return-or-superseding-tax-return

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Boongallager1

Level 2

I have an old non deductible contribution to my IRA and need form 8606 to report it . How do I bring the form up

fanfare

Level 15

If you want to file an "old" missing 8606 you must get form 8606 for the year in question from the IRS website under "Forms".

jtax

Level 10

Yes, please clarify what you mean by "old?" Also is it for an inherited IRA or it it your own IRA?

Technically you may not be able to file an old 8606 since the instructions require that the form be filed with your 1040 (unless you don't have to file 1040, then you may mail the 8606 separately). The prior discussion we've had here is about whether you can file an amended return with the 8606. It's pretty clear to me that you can do that before the due date, but it isn't so clear beyond the due date, much less for prior years. On the other hand it seems strange to not allow an amended return to claim a missed deduction for "open" years. Yet there some things (like various "elections" that you can't make late or cannot change after the due date or filing of a return).

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a7035477456

Level 2

(delelte duplicate posting)

Taxruss2548

Level 2

I converted some of my traditional IRA distributions to Roth IRA in 2021. How do I get the form 8606 created I turbo tax.

jtax

Level 10

@Taxruss2548 If you're using the Desktop PC/Mac software it is trivial. Just go to the View menu and choose forms. 8806 (and all used forms) will be on the left. You can also use the keyboard shortcut control-2

If you're using the online TT, the you can only see the forms as part of a print preview. Here's the FAQ on how to do that.

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

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a7035477456

Level 2

Form 8606 pop in and out and many time by time you file, it's gone. TurboTax have bug on generating form 8606. Seem entering your full address on 8606 seem to keep 8606 around. But safest to Amend and attached 8606 via manual print each year is SAFEST.