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app1hxw
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What I do?I made nondeductible traditional IRA 4 years total $8000. I kept Frm 8606. Last year I took them out. Now I followed Turbo-Tax, it still count 8000 as taxable.

 
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Accepted Solutions
Rachel_W
Expert Alumni

What I do?I made nondeductible traditional IRA 4 years total $8000. I kept Frm 8606. Last year I took them out. Now I followed Turbo-Tax, it still count 8000 as taxable.

You need to enter your IRA Basis information from your last Form 8606 into TurboTax so you won't be taxed on the full amount of your distribution.

Once you are logged into your Tax Return:

  • Click "Federal" on the left side
  • Click "Deductions and Credits" from the top
  • Click "Traditional and Roth IRA Contributions
  • Click "Edit"
  • Go through and answer the questions and when you get to "Did you make any Non-Deductible Traditional IRA Contributions", Choose "Yes"
  • Enter your $8,000 Basis in the Box

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1 Reply
Rachel_W
Expert Alumni

What I do?I made nondeductible traditional IRA 4 years total $8000. I kept Frm 8606. Last year I took them out. Now I followed Turbo-Tax, it still count 8000 as taxable.

You need to enter your IRA Basis information from your last Form 8606 into TurboTax so you won't be taxed on the full amount of your distribution.

Once you are logged into your Tax Return:

  • Click "Federal" on the left side
  • Click "Deductions and Credits" from the top
  • Click "Traditional and Roth IRA Contributions
  • Click "Edit"
  • Go through and answer the questions and when you get to "Did you make any Non-Deductible Traditional IRA Contributions", Choose "Yes"
  • Enter your $8,000 Basis in the Box
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