Where do I enter basis & value info to calculate how much of my RMD from my non-deductible IRA is taxable? I can find no prompt for this info.

[macuser_22 · Accepted solution]

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

You will be asked if you tracked your non-deductible contributions - say yes.  Then enter the remaining non-deductible basis from line 14 on the last filed 8606 form.   The next screen will ask for the total 2017 December 31 value of all existing Traditional, SEP and SIMPLE IRA's.

The taxable amount of the distribution will be calculated on lines 6-15 on a new 8606 form with the remaining basis on line 14 to carry forward for the next distribution.

(Be sure not to skip the year end value or all the basis will be applied resulting in a much lower tax than it should be and is sure to result in a audit letter and bill from the IRS in a year or so).

[joanmimi]

Thanks.  The problem is that when I was prompted about non-deductible contributions, I read that as a question about whether I had made a non-deductible contribution this year. Since I had not, I answered NO.  I have retraced my steps to try to correct that and when they ask me about non-deductible contributions, I now answer YES. It then goes on to ask me about my most recent basis, but it never asks me about the value of my IRA as of 12/31/18.  Therefore, it never does the correct 8606 calculation.  I have printed off an 8606 and done my own calculations but I have found no way to override the TT forms to get the correct info into the system.  Suggestions?

[macuser_22]

@joanmimi - Yes.

Return to the 1099-R summary screen and delete the 1099-R to reset everything and re-enter.   The enter non-deductible basis and total value questions should come up after continuing after the summary screen with the re-enter 1099-R.

That is assuming that this it a Traditional IRA and the IRA/SEP/SIMPLE box is checked on your 1099-R, otherwise you will not get those questions.