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mardakl
New Member

Money $6500contributed to Roth IRA by mistake Then requested to transfer to Traditional IRA How to report this case in F8606 Where I can find T8606

I  contributed the $6500 for tax deduction MISTAKELY to Roth IRA  I requested to move this amount to my Traditional IRA

The amount of 6464.50 was move to my Traditional IRA   The $35.50 was adjusted in recharacterization process

Now I told that I have to complete the form 8606

How this case should be completed ? (example)

How to find and load this form?

Thanks

1 Reply
Rachel_W
Level 4

Money $6500contributed to Roth IRA by mistake Then requested to transfer to Traditional IRA How to report this case in F8606 Where I can find T8606

You should complete Form 8606 and include $6,500 for the amount of your Non-Deductible Traditional IRA Contribution.

To trigger Form 8606, follow these steps:

  1. Open (continue) your return if it's not already open.
  2. Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions
  3. Select the "Jump to" link in the search results.
  4. Proceed through the IRA interview, answering questions as you go.
  5. When you reach the screen Any nondeductible contributions to [taxpayer's] IRA? answer Yes, then continue through the interview questions.


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