Where is 8606 form?

Forum|Forum|6 years ago
February 17, 2020
2 replies
21 views

what is (We'll automatically generate and fill out Form 8606 "(Nondeductible IRAs) if you reported any of these on your tax"

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macuser_22

Alumni - Champ

Why do you think that you need a 8606?

You don't normally enter a 8606 itself. It is automatically created when:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

If none of those occurred, then the last filed 8606 remains in effect

There are some circumstances when a 8606 must be files for other reasons and might require filing a stand-alone 8606.

https://ttlc.intuit.com/questions/1899503-what-is-form-8606-nondeductible-iras-used-for

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

7vsapgt8y

Level 2

Not true. I have a portion that is deductible.

macuser_22

Alumni - Champ

@7vsapgt8y wrote:

Not true. I have a portion that is deductible.

What do you think is not true?

Explain what you mean a "portion that is deductible"?

If you mean you have a Traditional IRA contribution and it is only partly non-deductible then that part will be on a 8606 line 1.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Louise Pope

Level 2

1. I have to enter an amount on 8606 but it is not available? Where is it?

2. I paid more in 2019 for 2018 property taxes. Where do I enter that?

3. Where is the entry for a Safety Deposit Box?

macuser_22

Alumni - Champ

@Louise Pope wrote:

1. I have to enter an amount on 8606 but it is not available? Where is it?

2. I paid more in 2019 for 2018 property taxes. Where do I enter that?

3. Where is the entry for a Safety Deposit Box?

Those are 3 totally unrelated questions.

The 8606 is available and will be filled out automatically when:

   1) You make a new non-deductible Traditional IRA contribution.
   2) You take a distribution from a IRA that has a after-tax "basis".
   3) You make a conversion of a retirement account to a Roth IRA
If none of those occurred, then the last filed 8606 remains in effect

Why do you need 8606?

2)

Property tax is entered in the Deductions & Credits, Your Home, Property tax. Or use the Search Topics box for "property tax".

Nowhere. Congress eliminated the Miscellaneous deductions for 2018-2025 with the Tax Cuts and Jobs Act.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**