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revolujon
New Member

What is this: Form 8606-T: _ This form has not been approved for release at this time. You must obtain an update before you file your return in order to ensure that all o

 
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LinaJ2018
Intuit Alumni

What is this: Form 8606-T: _ This form has not been approved for release at this time. You must obtain an update before you file your return in order to ensure that all o

Form 8606 is a form for reporting nondeductible IRAs.  One of the purposes of filing this form is to keep track of your IRA nondeductible contributions to traditional IRAs so that the taxability of your future IRA distribution will be correctly calculated based on your IRA basis ( which are the nondeductible contribution portions).  In addition, you also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed. 

  • Take distributions from a Roth IRA (especially to calculate the taxable amount of a nonqualified Roth IRA distribution.)
  • Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
  • Convert a traditional, SEP or SIMPLE IRA into a Roth IRA

If this form does not apply to you, simply remove it from the program.    

 

In TurboTax online program, please follow these steps:

 

  • Sign in to your account, select Pick up where you left off
  • On your left, Select Tax Tools / drop down menu
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to Form 8606-T and Continue with My Return to proceed

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2 Replies
LinaJ2018
Intuit Alumni

What is this: Form 8606-T: _ This form has not been approved for release at this time. You must obtain an update before you file your return in order to ensure that all o

Form 8606 is a form for reporting nondeductible IRAs.  One of the purposes of filing this form is to keep track of your IRA nondeductible contributions to traditional IRAs so that the taxability of your future IRA distribution will be correctly calculated based on your IRA basis ( which are the nondeductible contribution portions).  In addition, you also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed. 

  • Take distributions from a Roth IRA (especially to calculate the taxable amount of a nonqualified Roth IRA distribution.)
  • Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
  • Convert a traditional, SEP or SIMPLE IRA into a Roth IRA

If this form does not apply to you, simply remove it from the program.    

 

In TurboTax online program, please follow these steps:

 

  • Sign in to your account, select Pick up where you left off
  • On your left, Select Tax Tools / drop down menu
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to Form 8606-T and Continue with My Return to proceed
bighead18
New Member

What is this: Form 8606-T: _ This form has not been approved for release at this time. You must obtain an update before you file your return in order to ensure that all o

when is the irs going to release the latest software update for this form?

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