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New Member
posted Feb 10, 2020 6:11:16 AM

I took a distribution from my Roth IRA in 2019, but it was money I had already contributed in the pas. Why is turbo tax saying I need to file a form 8606?

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4 Replies
Expert Alumni
Feb 10, 2020 6:53:38 AM

Form 8606 is used to report distributions from Roth IRAs.

 

Because of delays in finalizing the 2019 Form 8606, it will not be ready in TurboTax until 2/12/2020.

New Member
Feb 13, 2020 9:17:55 AM

@DavidS127  Hi David! I was under the impression that a 1099-R reports distributions from a Roth IRA. A form 8606 is generally used to report non-deductible contributions to an IRA. I did not contribute after tax money to a traditional IRA, I took out contributions from a Roth. Is it still necessary to file a form 8606 in that instance? If so, since it is 2/13 am I able to file my taxes now? Thanks for your help!

Expert Alumni
Feb 13, 2020 1:32:12 PM

You need to use Form 8606 to report:

  • Nondeductible contributions you made to traditional IRAs.
  • Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs.
  • Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs.
  • Distributions from Roth IRAs.

Expert Alumni
Feb 14, 2020 5:16:01 AM

Form 1099-R reports most distributions from retirement plans, not only Roth but regular IRS, pensions, annuities, etc. (the "R" is for retirement).  See this IRS link for more details on Form 1099-R.

 

The TurboTax website now reports the Form 8606 as available 2/13/2020.