When you enter information about a Form 1099-R which is
reporting a distribution from an IRA that includes non-deductible
contributions, there are follow-up questions to answer at the end of the Form
1099-R section of the tax return.
From the “Your 1099-R
Entries” summary screen, click Continue
to move forward and answer more questions.
These questions will include things such as whether non-deductible
contributions were made and tracked in previous years, IRA total basis, the value of all Traditional IRAs, and any
other details needed to calculate the taxable amount of the distribution.
To revisit the 1099-R section of your return, use these
steps:
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
This opens a box where you
can type in “1099-R” (be sure to enter exactly as shown here) and click
the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will
give you an option to “Jump to 1099-R”
- Click on the blue “Jump to 1099-R” link
This will bring you to the “Your 1099-R Entries”
screen.
[Edit begins here]
If you did not receive any distributions for the year, you
are not required to report the fair market value of your IRA accounts as part
of your tax return. You will receive a
Form 5498 reporting that FMV to you and to the IRS, but it is not included with
your tax return. You simply need to keep
it for your records.
Take a look at the TurboTax article What
is Form 5498? for more details.
Also, you asked about reporting your basis. If you did not make any additional
contributions to your IRAs during the tax year, then you do not report your
basis each year. If contributions were
made, then Form 8606 is generated to help track your basis.
https://ttlc.intuit.com/replies/3300280
edited 2/14/16 5:22 am PST to add more information
