Where do I enter the 12/31/2020 value for my IRAs ...
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m_ross1
New Member

Where do I enter the 12/31/2020 value for my IRAs on Form 8606, Line 6?

 
3 Replies
MaryK1101
Employee Tax Expert

Where do I enter the 12/31/2020 value for my IRAs on Form 8606, Line 6?

After you enter your 1099-Rs, you will get the follow-up question "Any nondeductible Contributions to Your IRA?" (see below).  Answer Yes and the next few questions will be used on your 8606.

 

Your IRA basis is the total basis for all traditional IRA accounts combined together. This prevents manipulation by a taxpayer trying to use the basis for one IRA account to offset withdrawals from another account.  See Form 8606 Line 6.

 

 

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m_ross1
New Member

Where do I enter the 12/31/2020 value for my IRAs on Form 8606, Line 6?

I am using Turbo Tax Premier - on-line.  I get the screen that says "Any Nondeductible Contributions to your IRA?"  But I do not get the next section "Tell Us the Value of Your Traditional IRA?"  That is the part I need.  The next section I do get, asks me for my basis, which I entered.  

DanaB27
Employee Tax Expert

Where do I enter the 12/31/2020 value for my IRAs on Form 8606, Line 6?

Please click continue after entering your basis and the next screen you will be able to enter the value of your traditional IRA on December 31, 2020.

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