Solved: My wife & I amended our IRA cost basis for 2015. Turbotax is carrying over the wrong info from last year How do I get into the IRA cost basis information to fix it?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

My wife & I amended our IRA cost basis for 2015. Turbotax is carrying over the wrong info from last year How do I get into the IRA cost basis information to fix it?

 
1 Best answer

Accepted Solutions
Level 7

My wife & I amended our IRA cost basis for 2015. Turbotax is carrying over the wrong info from last year How do I get into the IRA cost basis information to fix it?

Yes, you can update the cost basis of your IRA under Deductions & Credits >> Retirement & Investments >> Traditional & Roth IRA Contributions.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "ira contributions", hit Enter, and click on "jump to ira contributions" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "ira contributions", then click the topic in the list to go directly to the start of this section.

(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)

Check the box(es) for the type(s) of IRA you wish to work on. Continue to the page "Any Nondeductible Contributions...?" and check the box for "YES", even if you made no non-deductible contributions. See screenshot #1 below - click to enlarge.

On the next page "Let's Find Your IRA Basis," enter the correct basis from Form 8606 in the box (screenshot #2). In some cases, using the EasyGuide may be helpful (see the blue link for more help). Continue to save your entries.

View solution in original post

1 Reply
Level 7

My wife & I amended our IRA cost basis for 2015. Turbotax is carrying over the wrong info from last year How do I get into the IRA cost basis information to fix it?

Yes, you can update the cost basis of your IRA under Deductions & Credits >> Retirement & Investments >> Traditional & Roth IRA Contributions.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "ira contributions", hit Enter, and click on "jump to ira contributions" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "ira contributions", then click the topic in the list to go directly to the start of this section.

(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)

Check the box(es) for the type(s) of IRA you wish to work on. Continue to the page "Any Nondeductible Contributions...?" and check the box for "YES", even if you made no non-deductible contributions. See screenshot #1 below - click to enlarge.

On the next page "Let's Find Your IRA Basis," enter the correct basis from Form 8606 in the box (screenshot #2). In some cases, using the EasyGuide may be helpful (see the blue link for more help). Continue to save your entries.

View solution in original post

Dynamic Ads
v
Privacy Settings