turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

Do I add all traditional iras no matter if they are annuities, stock accounts or the Thrift Savings Plan (traditional) for line 6 of 8606? The annuities were rolled over from the same Thrift Savings Plan
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

A TSP is not an IRA and does not get entered in the IRA section and does not go on a 8606.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

What do you mean the " annuities were rolled over" - rolled into what type of plan?   Non-qualified annuities *cannot* be rolled into an IRA.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

We rolled over direct from TSP to annuities that are also traditional iras.

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

If you rolled it into a Traditional IRA then, if you have non-deductible contributions in any Traditional IRA, when it asks for the total 2016 year end value of *all* Traditional IRA's then add all Traditional IRA's, however, a Traditional TSP is not a Traditional IRA.   A Traditional TSP can be rolled *into* a Traditional IRA by a trustee-to-trustee transfer and would probably be reported on a 1099-R with a code G in box 7.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Is the year end value of Thrift Savings Plan entered into total traditional iras on Form 8606 to figure basis?

You would only enter the total value of all existing Traditional IRA accounts as of Dec 31, 2016 if you took an IRA distribution and are entering a 1099-R form to report the distribution or make a Traditional IRA contribution.

A TSP is not an IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question