How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.
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Jack-Hammer
New Member

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

 
7 Replies
JulieR
New Member

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

You'll enter your Traditional IRA basis on form 8606. The following TurboTax FAQ explains how to access that area of your return. https://ttlc.intuit.com/replies/3300280

Jack-Hammer
New Member

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

Thank you Julie - I should have added that I am using Turbotax online, so pasting in "8606, nondeductible ira contributions" did not give me the "Jump To" option.  or perhaps it is because I already filed last night (and got rejected this morning - my 20 year old college student son didn't check the box that I claim him as dependent when he filed his tax return, ugh).  Either way I still cannot get to the worksheet to add in my Traditional IRA basis for tracking purposes.
macuser_22
Level 15

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

An 8606  is automatically created when:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

If none of those occurred, then the last filed 8606 remains in effect

If you use TurboTax every year and transfer from the previous year then then the "IRA Informative Worksheet" will transfer and track the IRA basis on lines 1 & 3.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Jack-Hammer
New Member

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

Yes and thank you - none of those conditions apply so I do not need an 8606, however in previous years I could always trigger the program to ask me if i want to have Turbotax track my basis in the worksheet anyway and I using Turbotax online since since 2006.  My traditional IRA basis is right there on line 1 every year and never changes but nice to have it tracked.  This is the first year that I cannot get the program to prompt me to enter that same basis and have it tracked.
macuser_22
Level 15

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

Going to the IRA contribution interview and checking the Traditional IRA box will show the tracked basis and/or allow you to enter a new basis for tracking purposes whether you have a  new contribution  or not.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
fanfare
Level 15

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

Keep paper copies of all your 8606 forms as instructed by the IRS.
You can't expect to use TurboTax forever and ever,
Besides, now you see your basis is lost.
Jack-Hammer
New Member

How can I add my Traditional IRA basis to the worksheet? Why didn't it transfer over from last year? I did not contribute to my IRA but want the basis tracked every year.

Can I expect TurboTax to simply transfer over my basis every year to line 1 of the worksheet like it has every year for the last 13 years while it is still around?  Or just allow me to enter it myself?  It is not lost, in fact since I never contribute to it the basis does not change - just nice to have it in the worksheet so I do not lose track of it over the years.
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