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Form 8606 Non deductible IRA tracking
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Form 8606 Non deductible IRA tracking
TurboTax does. However, it's all too easy to cause TurboTax to silently discard the transferred-in basis information by inadvertently answering No when asked if you made any nondeductible traditional IRA contributions. Once discarded, the historical information is gone. The only way to recover the information is to either manually reenter the amount or to start the tax return over and transfer in the historical information again.
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Form 8606 Non deductible IRA tracking
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Form 8606 Non deductible IRA tracking
You don't normally enter a 8606 itself. It is automatically created when:
1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA
If none of those occurred, then the last filed 8606 remains in effect
There are some circumstances when a 8606 must be files for other reasons and might require filing a stand-alone 8606.
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Form 8606 Non deductible IRA tracking
TurboTax does. However, it's all too easy to cause TurboTax to silently discard the transferred-in basis information by inadvertently answering No when asked if you made any nondeductible traditional IRA contributions. Once discarded, the historical information is gone. The only way to recover the information is to either manually reenter the amount or to start the tax return over and transfer in the historical information again.
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Form 8606 Non deductible IRA tracking
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Form 8606 Non deductible IRA tracking
This year I found an interview to enter explanations for the Basis discrepancy, but then they merged both my and my spouse's explanations into one combined basis that adds both out numbers together, even though spouses' IRA Bases should never be combined. And it then gets included this combined mess in the Tax return as a "Blank Form".
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