turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

docmgmatt
New Member

How can I edit IRA basis line 2 on form 8606?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies
JulieS
Expert Alumni

How can I edit IRA basis line 2 on form 8606?

You can change this line by entering your IRA basis information in TurboTax:

Search for IRA contributions using the search box located in the upper right corner .

  1. Click on Jump to IRA contributions.
  2. Check the box showing that you contributed to a Traditional IRA. 
  3. The next screen asks you to verify that you contributed to a Traditional IRA, choose Yes.
  4. The next screen asks if the contribution was a repayment of a retirement distribution, choose No.
  5. Next, enter the amount that was contributed to the Traditional IRA. If didn't contribute for 2019, just enter 0.
  6. The next screen is asking if you “recharacterized” the contribution.  This is different from a conversion, so the answer is No.
  7. On the next screen, there will be a question about whether you are covered by a retirement plan at work.  Answer according to your situation. 
  8. Following that, there will be a question about Excess IRA Contributions.  Answer this according to your situation.
  9. The next question will be, Were there any nondeductible contributions to the IRA.  The answer here is Yes.
  10. The next page asks for the basis of the Traditional IRA.  If you have never made nondeductible contributions in the past and kept them in the IRA, your basis is zero.  Otherwise, enter the amount shown as total basis on your most recently filed Form 8606.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How can I edit IRA basis line 2 on form 8606?

Does this apply to desktops products as well? 

How can I edit IRA basis line 2 on form 8606?

Yep ... if you use the Home & Business version then this is in the PERSONAL tab. 

How can I edit IRA basis line 2 on form 8606?

It is also changeable in the 1099-R interview when you have a Traditional IRA distribution.  The interview will as for prior years basis.  If the carry-over amount is not correct, it can be changed by entering the correct amount that goes on the 8606 line 2, and an explanation statement.

**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.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question