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NYrenew
New Member

Hello, I need to file form 8606 for the first time to recognize losses on some iras. How do I perform this.

 
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1 Reply
LindaA
Expert Alumni

Hello, I need to file form 8606 for the first time to recognize losses on some iras. How do I perform this.

TurboTax automatically generates Form 8606 (Nondeductible IRAs) for several situations, as discussed in the FAQ at the end of this answer. 


For supported situations, you can trigger Form 8606: 

  • Continue working on your return in TurboTax OnLiine. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click Tax Tools (lower left of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the I'm looking for: box, type 8606.
  • In the results box, scroll down and highlight 8606, nondeductible ira contributions, then click GO.
  • Proceed through the IRA interview answering questions as you go.
  • When you reach Any Nondeductible Contributions to Your IRA? check Yes, I made and tracked nondeductible contributions to my IRA and click Continue.
  • Continue following the onscreen instructions.

Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.


Please see the FAQ below for more information about Form 8606.


Where do I find Form 8606?

https://ttlc.intuit.com/replies/3300280

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