Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
santoaperez
New Member

How do I fill out form 8606 in Turbo-Tax?

 
6 Replies
MeganS
New Member

How do I fill out form 8606 in Turbo-Tax?

To enter a 8606 follow these steps.

1. Sign into your account and select your current return

2. Select Tax Tools and then Tools (see attached tax tools)

3. Select Topic Search (see attached image)

4. Search for 8606 and select go

This will take you directly to the area to enter the information from your 8606

jharter
Level 2

How do I fill out form 8606 in Turbo-Tax?

Yes, but doing so gets me to form 8606. When I try to enter data on specific lines I am taken to a worksheet that is confusing and does not let me enter the information I want on lines 8-11. How do I manually enter data for those lines?

JohnB5677
Expert Alumni

How do I fill out form 8606 in Turbo-Tax?

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)

However, if any of these 3 situations apply to you:

  1. You received a distribution from an inherited traditional IRA that had nondeductible contributions
  2. You transferred an inherited plan account to a Roth IRA
  3. You received a distribution from an inherited Roth IRA that was not a qualified distribution

then you'll have to download and print Form 8606, manually fill it out (instructions), and print and file your return, as you won't be able to e-file.

 

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:

  1. Open your return if it isn't already open.
  2. Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions
  3. Select the Jump to link in the search results.
  4. Proceed through the IRA section, answering questions as you go.
  5. 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."

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
redpack13
New Member

How do I fill out form 8606 in Turbo-Tax?

I followed the steps mentioned in the post. However, where can I review the form 8606 that Turbotax automatically generated? 

DianeW777
Expert Alumni

How do I fill out form 8606 in Turbo-Tax?

It depends!  Taxpayers use Form 8606 to report a number of transactions relating to what the Internal Revenue Service (IRS) calls "Individual Retirement Arrangements" and what most people just call IRAs. These are accounts that provide tax incentives to save and invest money for retirement.

You can view your entire return or just your 1040 form before you e-file by using the steps below and we have a video at the link:

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open, you can then:
    • Preview your entire return: Select Print Center and then Print, Save, or Preview This Year's Return (you may be asked to register or pay first).
    • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.
    • How do I preview my return in TurboTax Online before I file?
redpack13
New Member

How do I fill out form 8606 in Turbo-Tax?

Thanks @DianeW777 

 

Yes, I performed the "backdoor Roth" IRA conversion, therefore I need to have the form 8606. I just wanted to ensure Turbotax reflected the nondeductible IRA contribution and Roth IRA conversion properly. 

 

I will try to preview my entire return using the print center method. 

Thanks for the reply. 

Dynamic AdsDynamic Ads
Privacy Settings
v