I want to consolidate 3 conventional IRAs, 2 are rollovers. The contributory IRA has non-deductible contributions. Will TurboTax continue the Form 8606 associated with the non-deductible contributions?
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IRA's are already "consolidated". For tax purposes, you only have one Traditional IRA (and one Roth IRA if you have a Roth) that can consist of as many separate accounts that you want. The IRA value and any non-deductible "basis" applies to the aggregate total of all Traditional, SEP, and SIMPLE IRA accounts that exist.
Moving (rolling) an IRA account from one custodian to another has no effect on the tax or non-deductible basis.
TurboTax tracks your total basis - rollovers have no effect.
IRA's are already "consolidated". For tax purposes, you only have one Traditional IRA (and one Roth IRA if you have a Roth) that can consist of as many separate accounts that you want. The IRA value and any non-deductible "basis" applies to the aggregate total of all Traditional, SEP, and SIMPLE IRA accounts that exist.
Moving (rolling) an IRA account from one custodian to another has no effect on the tax or non-deductible basis.
TurboTax tracks your total basis - rollovers have no effect.
Thanks for your quick and knowledgeable reply. Mainly, I wanted to be sure TurboTax has no problem with consolidation. I have used TurboTax for many, many years. I just wanted to be sure that TurboTax will maintain the Form 8606 as it always has even though RMDs are already being taken. Thanks again.
It makes no difference how many IRA accounts you have.
You must add up the total year-end value yourself.
If there are no distributions or conversions, the year end value is not needed.
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