Solved: I retired in 2017 and made taxable withdrawals from my IRA, Form 8606-T is asking for an explanation. I had no IRA contributions in 2017. How do I respond to this form?
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I retired in 2017 and made taxable withdrawals from my IRA, Form 8606-T is asking for an explanation. I had no IRA contributions in 2017. How do I respond to this form?

I imported my Fidelity accounts.  Other than IRA withdrawals, dividends and capital gains, I had no contributions.  Would my Fidelity import, provide any clues as to what the IRS is looking for?  



thank you,


Gary 

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New Member

I retired in 2017 and made taxable withdrawals from my IRA, Form 8606-T is asking for an explanation. I had no IRA contributions in 2017. How do I respond to this form?

Form 8606 generates for certain distributions, as well.  Please see below:

  • 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);
  • Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions).
To clear the error, please follow these steps:
  • Click Federal Taxes.
  • Click Skip W-2s for now.
  • Click Choose what I work on.
  • Scroll down to Retirement Plans and Social Security.
  • Click Update next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
  • Click Continue.
  • Choose I'll type it in myself & click Continue.
  • Verify that your Box 7 codes are selected and click Continue.
  • Continue through the interview until you reach a page that says Any Periodic Payments?
  • Click yes on this page and the next page which asks whether payments began in 2017.
  • Repeat the process for all your 1099-Rs.

View solution in original post

1 Reply
Highlighted
New Member

I retired in 2017 and made taxable withdrawals from my IRA, Form 8606-T is asking for an explanation. I had no IRA contributions in 2017. How do I respond to this form?

Form 8606 generates for certain distributions, as well.  Please see below:

  • 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);
  • Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions).
To clear the error, please follow these steps:
  • Click Federal Taxes.
  • Click Skip W-2s for now.
  • Click Choose what I work on.
  • Scroll down to Retirement Plans and Social Security.
  • Click Update next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
  • Click Continue.
  • Choose I'll type it in myself & click Continue.
  • Verify that your Box 7 codes are selected and click Continue.
  • Continue through the interview until you reach a page that says Any Periodic Payments?
  • Click yes on this page and the next page which asks whether payments began in 2017.
  • Repeat the process for all your 1099-Rs.

View solution in original post

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