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truman
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How do i file 8606 total basis non deductible if no 2017 contribution and 1st time user to turbo tax

 
1 Best answer

Accepted Solutions
LindaA
Level 10

How do i file 8606 total basis non deductible if no 2017 contribution and 1st time user to turbo tax

To keep track of your nondeductible IRA contributions in TurboTax:

  • Continue working on your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click Tax Tools (lower left side of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the I'm looking for: box, type 8606.
  • In the results bar, highlight 8606, nondeductible ira contributions, then click GO.
  • You'll land on the Traditional IRA and Roth IRA screen. Check the kind of IRA(s) you own (Traditional or Roth or both), then click Continue. Note: Because you have nondeductible contributions you must check Traditional IRA.
  • Since you didn't make any contributions for 2017, answer No when asked Did you contribute to a Traditional IRA?
  • Continue following the onscreen instructions. Select Yes and click Continue when asked Any Nondeductible Contributions to Your IRA? (Click the first screenshot below for reference.)
  • On the Let's Find Your IRA Basis screen, enter the total basis as of December 31, 2016. Click the Learn More link or EasyGuide if you need help. (Click the second screenshot below.) When finished, click Continue to save this information.

Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.


For more information, please see What is IRS Form 8606?

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1 Reply
LindaA
Level 10

How do i file 8606 total basis non deductible if no 2017 contribution and 1st time user to turbo tax

To keep track of your nondeductible IRA contributions in TurboTax:

  • Continue working on your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click Tax Tools (lower left side of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the I'm looking for: box, type 8606.
  • In the results bar, highlight 8606, nondeductible ira contributions, then click GO.
  • You'll land on the Traditional IRA and Roth IRA screen. Check the kind of IRA(s) you own (Traditional or Roth or both), then click Continue. Note: Because you have nondeductible contributions you must check Traditional IRA.
  • Since you didn't make any contributions for 2017, answer No when asked Did you contribute to a Traditional IRA?
  • Continue following the onscreen instructions. Select Yes and click Continue when asked Any Nondeductible Contributions to Your IRA? (Click the first screenshot below for reference.)
  • On the Let's Find Your IRA Basis screen, enter the total basis as of December 31, 2016. Click the Learn More link or EasyGuide if you need help. (Click the second screenshot below.) When finished, click Continue to save this information.

Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.


For more information, please see What is IRS Form 8606?

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