How do I get to form 8606 in Turbotax to allow me to avoid taxes and penalties on the contribution amount to my Roth IRA?

[macuser_22]

Why do you think you need a 8606?

Roth IRA contributions are not reported on a 8606, in fact Roth contributions are not reported on a tax return at all, however, a penalty for an excessive IRA contribution is reported on a 5329 form, not a 8606.

[hauserj]

The basis for Roth IRAs can be withdrawn without tax or penalty but an 8606 is required to demonstrate to the IRS what your contributions have been.  Sorry I couldn't be more specific but there is a limit on characters.

[macuser_22]

Only Traditional IRA after-tax contributions (basis) are reported on a 8606 form.  All Roth contributions are after-tax.   They are not reported on a tax return at all.  You must keep your own records (copies of 5498 forms) or use bank statements that show your Roth contributions.

The financial institution reports the Roth contributions to the IRS each May on a 5498 form in box 10.

[fanfare]

After you enter your 1099-R TurboTax will ask you the amount of previous year contributions. and make the adjustment

if you also made a contribution in 2017 that is entered in  a different place.

[LinaJ2018]

If you converted your traditional, SEP, or SIMPLE IRA to a Roth IRA in 2017, you will need the Form 8606.

I am attaching the following instructions.  ( Please also note that as IRS is finalizing some of the tax forms, Form 8606 will not be available until 2/15/2018 )

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