topic Re: Form 8606 in Get your taxes done using TurboTax

Form 8606

utterbob — Thu, 21 Jan 2021 17:43:20 GMT

I made a small RMD in December 2020. When entering the Form 1099R info, TurboTax does not ask for the total value of my IRAs as of 12/31/2020 so that the new basis for 2021 can be calculated on Form 8606?

Re: Form 8606

Mike9241 — Thu, 21 Jan 2021 20:00:33 GMT

TT says today

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html

Re: Form 8606

LinaJ2020 — Fri, 22 Jan 2021 01:04:16 GMT

If the program does not ask, you can go directly to the Form 8606 section by following these steps:

In TurboTax online,

Sign in to your account and select Pick up where you left off in your tax return.
From the upper right menu, select Search and type in 1099r and Enter
Select the Jump to 1099r
Follow prompts
On screen, Any Nondeductible Contributions to Taxpayer's IRA?, select Yes
Next screen, Let's Find Your IRA Basis, enter information
Continue to proceed

If you have made any nondeductible contributions to your traditional IRA, you do not pay taxes on the entire conversion amount. Those nondeductible amounts are so-called the basis. It is important to keep track how the basis amount is accumulated and calculated. For more information for the nondeductible IRA contributions, click here: Form 8606

@utterbob

Re: Form 8606

utterbob — Fri, 22 Jan 2021 14:09:43 GMT

I have been using the desktop version of TurboTax Premier for several years. After the initial setup to determine the basis, Turbo Tax has always imported the basis calculated the previous year for the next year.

I followed the suggested step but never get asked Any Nondeductible Contributions to Taxpayer's IRA? after e

Re: Form 8606

Hal_Al — Fri, 22 Jan 2021 14:15:26 GMT

The total value of my IRA does not come immediately after the 1099-R screens. It will come up a few screens later.

Re: Form 8606

utterbob — Fri, 22 Jan 2021 14:16:53 GMT

I was asked Any Nondeductible Contributions to Taxpayer's IRA? when using 'Walk me through everything' and not when using 'I'll choose what to work on'