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Level 2
posted Mar 22, 2020 3:58:43 AM

Transfer of Value From IRA Contrib Wks Not Happening

Line 11 of the IRA Contributions Worksheet, contributions made to Trad IRA in 2020Q1, does not seem to be transferred to line 4 of Form 8606. I had to override line 4 on 8606. Am I missing something?

0 3 1505
3 Replies
Level 15
Mar 22, 2020 9:20:56 AM

How did you enter it?

 

Here?

 

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

 

Or directly on the worksheet?   Direct form entry is not supported and will not link all forms like the interview mode will do.

Level 15
Mar 22, 2020 9:31:31 AM


@gjm123 wrote:

Line 11 of the IRA Contributions Worksheet, contributions made to Trad IRA in 2020Q1, does not seem to be transferred to line 4 of Form 8606. I had to override line 4 on 8606. Am I missing something?


Further testing shows that you are correct if the contribution is the only entry because line 4 on  the 8606 is not needed for any calculations.   If you also have a 1099-R for a distribution then  lines 4-15 will populate to calculate the proper taxable amount.

Level 2
Mar 26, 2020 1:27:58 PM

OK, I understand. I read the instructions for 8606 and I see what you mean. Thanks!