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We'll automatically generate and fill out Form 8606 (Nondeductible IRAs) if you reported any of these on your tax return:
However, if any of these 3 situations apply to you:
then you'll have to download and print Form 8606, manually fill it out (instructions), and print and file your return, as you won't be able to e-file.
To trigger the 8606 in TurboTax for the 4 situations listed at the top of this article, use these instructions:
Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."
Related Information:
Both my husband and I use the 8606 form because years ago we contributed to IRA's that were non-deductible. On our 2019 taxes for form 8606 His (taxpayer) 8606 worked fine. On mine I get the comment "Some values are too large and have caused calculation errors." My total of all IRA's is greater than 2 million dollars my husbands in about $500k. My numbers are all correct but I continue to get this error and can not e-file my tax returns. What do I do?? Thanks for any help you can offer. I can't determine how to contact anyone at Turbo tax. I bought the premium version.
Premier Version (not Premium)
you may want to switch to the CD/Download version.
Note: i don't have 2019 TurboTax, but I can confirm, as you noted, your numbers are not a problem for 2018 TurboTax CD/Download.
Is your prior years basis tiny (I mean really tiny !) ?
TurboTax CD/Download will compute the basis adjustment factor to five decimal places.
Even a basis of $750 is calculated with no error.
At that scale the prorated amounts are negligible, and 8606 could be done away with.
The cost basis of non-deductible IRA's from the past that I haven't used is about $38,000. My husband has a similar amount and his 8606 calculated corrected without error. I don't know if the fact my total IRA is over a million dollars (my husbands isn't) if that somehow is the glitch. I initially tried to use Turbo Tax online thinking it was free and when I learned because I sold some stock I would need to pay for an upgrade, I went ahead and bought the 2019 Turbo tax CD from Best Buy. I've since seen that others have had the same issue and message from their 8606 form. Since I can't e-file unless this bug is corrected by Turbo Tax, I'm at a loss what to do other than print everything out and many manually write out my 8606 (the numbers are on my computer) and just mail it all in. Have you seen in the past that during an update Turbo Tax fixes bugs? or do you recommend I print and mail my return? Unfortunately I have given my credit card info to Turbo Tax for my state e-file but maybe that will be refundable. What do you think? Thanks!
That should not create any problems. I suggest deleting the 1099-R and re-enter.
If the same error - is it in error check that you get the error?
In the forms mode look at the "IRA Info Worksheet".
Make sure that your 2018 carry forward basis on line 12 and 1 is correct.
Make sure that the 2019 year end value on line 18 is correct.
Exactly what does the error say?
if you get a refund there is no penalty for filing late.
Otherwise, go to www.irs.gov/payments and pay your tax due under "EXTENSION".
Approval is automatic.
That gives you till October for the bug to be fixed.
Thanks for your thoughts and info. I wanted to let you know that when I went into Turbo Tax Premier today there were several minutes of updates. After I downloaded the updates I was able to e file my fed and state tax returns without seeing the former error "Some Values are too large and have caused calculation errors." from form 8606-S. This is the first time in 15+ years of using this software that there was a bug that prevented me from filing my taxes. Other times the errors were mine!!
Thanks for sharing your experience.
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