How do I change an incorrect amount for the fair market value of my IRA account to report on form 8606?

[lindaldent]

The screen showing the fair market value of the account doesn't appear when going through all the IRA questions.

[MarilynG1]

We'll automatically generate and fill out Form 8606 (Nondeductible IRAs) if you reported any of these on your tax return:

• Nondeductible contributions made to a traditional IRA
• Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions)
• Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA
• Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions)

Click this link for instructions on How to Trigger Form 8606.

[fanfare]

does your return include 8606?

If so, TurboTax must ask you.

If no, you don't need to enter that year-end value.

[lindaldent]

Marilyn G1:

Thanks for your reply. My return includes a form 8606. When I initially entered my IRA input, TurboTax asked me for the 12/31/21 fair market value of my account which I input. Upon checking over the tax return before filing it, I determined I entered the wrong amount. When I now go through the IRA input pages to change the fair market value, TurboTax does not bring up the screen that requests the fair market value. So my problem is how to get to the input page for changing the fair market value.

Thank you.

[DanaB27]

You will need to edit the value of your traditional, SEP, and SIMPLE IRAs in the retirement section (steps 7):

1. Click on "Search" on the top right and type “1099-R”
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
5. On the "Your 1099-R Entries" screen click "continue"
6. Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
7. Answer the questions about the basis and value

@lindaldent

[dmertz]

To summarize what DanaB27 said, click the Continue button on the page that lists the Forms 1099-R that you have entered.