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natzdad
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Where do I enter in Deluxe Turbo Tax lifetime contributions to a traditional IRA from which I withdrew the required minimum distribution in 2016?

 
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DDollar
Expert Alumni

Where do I enter in Deluxe Turbo Tax lifetime contributions to a traditional IRA from which I withdrew the required minimum distribution in 2016?

It looks like you're using TurboTax Desktop. You would enter that on Form 8606. To do so:

  • Click on Forms to go to the Forms View
  • Click on Open Form in upper left hand corner
  • Type in "8606" and hit Enter
  • Select your (or your spouses) form 8606
  • Scroll down to the box "Traditional IRA Basis Smart Worksheet".  
  • Click on the "QuickZoom to enter the total traditional IRA basis for 2015 and earlier years..."  
  • Enter your basis (contributions) for 2015 and earlier on line 12 of the worksheet
  • Enter any additional Adjustments on other lines as necessary

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3 Replies
DDollar
Expert Alumni

Where do I enter in Deluxe Turbo Tax lifetime contributions to a traditional IRA from which I withdrew the required minimum distribution in 2016?

It looks like you're using TurboTax Desktop. You would enter that on Form 8606. To do so:

  • Click on Forms to go to the Forms View
  • Click on Open Form in upper left hand corner
  • Type in "8606" and hit Enter
  • Select your (or your spouses) form 8606
  • Scroll down to the box "Traditional IRA Basis Smart Worksheet".  
  • Click on the "QuickZoom to enter the total traditional IRA basis for 2015 and earlier years..."  
  • Enter your basis (contributions) for 2015 and earlier on line 12 of the worksheet
  • Enter any additional Adjustments on other lines as necessary

Where do I enter in Deluxe Turbo Tax lifetime contributions to a traditional IRA from which I withdrew the required minimum distribution in 2016?

Lifetime contributions are not reported on your federal tax return. Only non-deductible contributions are reported when, as in this year, you are taking an RMD.

Where do I enter in Deluxe Turbo Tax lifetime contributions to a traditional IRA from which I withdrew the required minimum distribution in 2016?

If you are in a state like NJ it is a different story. New Jersey will take into account all your contributions so you are not taxed twice on your state tax return.
This is handled in the State tax return program.
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