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Returning Member
posted Feb 12, 2024 4:14:19 PM

Where do I enter the value of my IRAs for form 8606 line 6?

The screen to enter the value of my IRAs is not showing up for my 2023 tax return.  The basis of my nondeductible IRA is carrying forward but the Form 8606 requires the value of my IRAs in order to calculated the portion of nondeductible IRA that can be used

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1 Best answer
Level 15
Feb 12, 2024 4:36:29 PM

Assuming that you received a distribution from your traditional IRAs in 2023 and have entered a Form 1099-R that reports the distribution, click the Continue button on the page that lists the Forms 1099-R that you have entered and TurboTax will ask you to enter the year-end value.

10 Replies
Level 15
Feb 12, 2024 4:36:29 PM

Assuming that you received a distribution from your traditional IRAs in 2023 and have entered a Form 1099-R that reports the distribution, click the Continue button on the page that lists the Forms 1099-R that you have entered and TurboTax will ask you to enter the year-end value.

Returning Member
Feb 12, 2024 5:01:16 PM

There is no screen to enter the value of my IRAs in the section where I entered my RMD .  The screen in 2022 was in Deductions and Credits but it is not there this year.  Only the screen for my basis in nondeductible IRA is in the Deductions and Credits section.

Expert Alumni
Feb 17, 2024 3:07:56 PM

Be sure that you checked the IRA/SEP/Simple box when you entered your Form 1099-R showing the distribution from your IRA.  Then, as you go through the follow-up questions, you should see the question regarding the total value of all of your Traditional IRAs.  

 

@bustertax2019 

Level 2
Feb 19, 2024 7:39:42 AM

Thank you dmertz.  I spent about 2 hours yesterday trying to get this information from TurboTax "tax experts".  Their final recommendation was to buy a different version of TurboTax where I'd be able to get in through a forms view.  I can't believe the solution was so simple.  Please, please, please, if you have any clout with TurboTax, ask them to put your response as the number one solution to this question in their search box.  Thank you again.

Level 15
Feb 19, 2024 8:20:53 AM

It's a design feature of TurboTax to allow the user in step-by-step mode to jump from topic to topic at any time.  Unfortunately, this allows users to misuse TurboTax by bypassing areas necessary to complete their tax return.  If have asked for TurboTax to flag an error for a blank traditional IRA year-end-value entry when TurboTax is reporting a nonzero amount on line 7 or 8 of Form 8606, but that suggestion was ignored.

New Member
Mar 4, 2024 8:52:00 AM

I have the same issue.  Cannot find any question about the total value of traditional IRAs. Correct boxes are checked.  TT does recognize my QMDs but nothing about total values.   Suggestions welcome and needed!

Expert Alumni
Mar 4, 2024 2:27:54 PM

The question will appear when you enter your 1099R information. 

 

  1. Open or continue your return.
  2. In the Federal section, select Wages & Income.
  3. Scroll to locate Retirement Plans and Social Security.
  4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
  5. Or Social Security ( SSA 1099, RRB 1099)
  6. make sure you check the box in the 1099R indicating this is a distribution from an IRA.
  7. After the information has been entered on the 1099R, you will answer questions that follow. there will be a question asking you if you made non-deductible contributions to the IRA.
  8. Here say yes and then the next screen asks what the basis is as of Dec 31,2022
  9. After this question is answered, the next screen will allow you to enter the value of your IRA 12/31/2023.
  10. Here is what the screens should look like.  Just remember to check the Box in the 1099R entry indicating this is an IRA.


@Roams

Level 2
Mar 23, 2025 11:46:53 AM

DaveF1006: Thank you for taking the time to walk everyone through this!

 

I have always had exactly the same issue. All of the things happen exactly as you describe (at least the first time through), and yet Line 6 of Form 8606 is not filled in. It has been this way for at least 5 years in ttax desktop. I always just plug it in in Forms view.

Returning Member
Apr 5, 2025 12:37:35 PM

I see this response from a year ago for TT 2023.  I'm trying to enter the end of year value of my spouse's trad IRAs and I don't get the same Q&A boxes asking for basis and value of IRAs, did something change between TT 2023 and TT 2024?  

 

Solved:  After going back and revisiting the 1099-R inputs and exploring the path "that some or all was converted to a ROTH" and then selected "didn't convert any of the money" ......... this must have re-trigger TT to ask the above questions about basis and value of IRAs on 12/31/2024.  All is well.

Expert Alumni
Apr 6, 2025 10:15:14 AM

No, the basis and value question still comes up at the end of the retirement income interview. Please verify, that your Form 1099-R entry has the IRA/SEP/SIMPLE box checked:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R and verify the IRA/SEP/SIMPLE box is checked
  4. On the "Here's your 1099-R info" screen click "Continue"
  5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
  6. Answer the questions about the basis from line 14 of your last filed Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

 

@kirkey