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How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

 
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6 Replies
LinaJ2018
Intuit Alumni

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

If you have not filed, here are the steps (desktop):

  • Open up the program if you have not done so
  • To the right upper corner, in the search box, type in “8606” and Enter
  • Select Jump to 8606, nondeductible ira contributions
  • Follow prompts

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

5498 is not required to file a tax return
5498 is for your own information only.

if you are only making a contribution, you do not have to report the year-end value

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

This was not helpful. I asked how do you go about putting in the 8806, not why I did not need it.
jlimarzi
New Member

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

THERE IS NO 8806 form in the 2019 Turbo Tax

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

Do you mean form 8606 ?

How do I add a 8806 without having a 1099R. I have 5498. I need to record the fair market value. The form 5498 is the IRS' way of keep track of contributions

Form 8806 is not supported by TT ...  it is a stand alone form and is not filed as part of a tax return.

 

  https://www.irs.gov/forms-pubs/about-form-8806

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