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

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

 
3 Replies
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

Level 1

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?

Employee Tax Expert

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."

 

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