topic Form 8606 not tracking basis in Get your taxes done using TurboTax

Form 8606 not tracking basis

d4vidf05 — Fri, 28 Mar 2025 02:39:36 GMT

I have made non-deductible IRA contributions over the last number of years, which have been tracked via the form 8606. The same thing should apply this year, however, it's not asking me what my basis is from last year's form 8606. The software goes from the question "Any excess IRA contributions before 2024" to "Income is too high to deduct" and then it gives me the deduction summary (which is $0). At no point through this process does it ask my what my tracked basis is. I looked at the 8606 and it's just showing this year's contribution as the basis.

Re: Form 8606 not tracking basis

Mike9241 — Fri, 28 Mar 2025 03:08:36 GMT

In the jump to/search box enter "ira info" no quotes. Double-click on it to open. Scroll down to Part III line 12

Re: Form 8606 not tracking basis

d4vidf05 — Fri, 28 Mar 2025 03:20:01 GMT

If I'm using the Mac desktop version is there a jump/search function? I can't find it.

Re: Form 8606 not tracking basis

fanfare — Fri, 28 Mar 2025 04:57:32 GMT

Try the following,

set your earned income to $40,000.

make an IRA contribution and elect no deduction.

It will ask you for your prior basis.

reset your earned income to correct amount.

@d4vidf05