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Ikesail
New Member

How to correct the 8606 which turbotax did incorrectly?

CARES allowed us to take less than the total required RMD which we did as reflected on our 1099s. However, the total RMD we would have taken is used on the 8606.  They should correct this.
6 Replies
ColeenD3
Expert Alumni

How to correct the 8606 which turbotax did incorrectly?

Just answer the question differently. Since the RMD was not required for 2020, you can say that you did not take it.

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Ikesail
New Member

How to correct the 8606 which turbotax did incorrectly?

I went back and stated that neither my wife or myself did not take any RMD from  our IRAs.  It did not do anything to change the tax to be refunded - $5,584.   

 

What do I do next?  When I log into TT, I get the message that my Federal (and State) has been rejected.  It states that my new refund should be $5,071.  

 

It seems that the our Form 8606s are incorrect.  On line 7 they show the total of the RMDs that we 'could' have taken.  $22,068 and $31,604  However, we only took about 1/3 of that amount.   And those are the amounts that show when I review my IRA, 401(k), Pension Plan Withdrawals (1099-R) .  The values are $7,047.32 and $9,005.45.

 

So who is going to correct 8606 forms?  TurboTax who made the mistake or me?

fanfare
Level 15

How to correct the 8606 which turbotax did incorrectly?

form 8606 can't "know" what your RMD would have been.

You must have entered those amounts.

Enter the actual amounts of distribution as reported on your 1099-R document(s).

Use the EDIT/UPDATE button to make changes.

 

Don't file an incorrect tax return.

Ikesail
New Member

How to correct the 8606 which turbotax did incorrectly?

It is possible for TT to ' know' my RMD since they know the value of my IRA at the end of 2019 (from previous year filing) and my age.   I did not supply this number.

 

In any case, where do I find the Edit/Update button?

Ikesail
New Member

How to correct the 8606 which turbotax did incorrectly?

Well, after spending 2 hours on the phone with a TT rep, it was not resolved.   They sent me the desktop version and I was able to resolve it by totally redoing my return.  Not overly pleased with TT performance.

fanfare
Level 15

How to correct the 8606 which turbotax did incorrectly?

I have found that TurboTax Online has real problems registering your changes when you do  EDIT/UPDATE.

 

you should delete the form, sign out and try again.

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