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

Form 8606 filing question

Mares2013 — Sat, 01 Feb 2020 13:06:29 GMT

I have a small amount of my traditional IRA's funds which I was not able to deduct in the early years and have since did the documents to establish the basis. The past three years I have been taking distributions from my IRAs, which include 401K rollover money and have trusted turbo tax to fill the forms based upon the questions it asks. I have computed the market value of all my IRA's using the totals given on December 31st of each year. My question is should my form 8606 have entries in blocks 6-12 as applicable? My basis for the traditional IRA's dates back to 1990-2007. The form seems to be incomplete when I have entered the current market value for the past three years when I started taking distributions.

Re: Form 8606 filing question

KCHAN4734 — Sat, 10 Apr 2021 14:08:19 GMT

I tried to submit Form 8606 to the IRS in my 2020 Tax Return.

I complete the Form 8606 Worksheet. I can see the 8606 work sheet is included in "Forms in My Return" as "IRA info Wks". Somehow I don't see the actual Form 8606 spelled out or printed out when I printed the whole documents for my record. I can only search for Form 8606 and I can see it and print out as a single document.

My question is will my Form 8606 be filed to the IRS? Will my work sheets be filed too? How do I know if my Form 8606 will actually be filed to the IRA?

Please help answering my questions so I can go ahead and file my return with a peace of mind. Thank You!

Kenneth Chan

Re: Form 8606 filing question

ReneeM7122 — Tue, 13 Apr 2021 17:09:42 GMT

Yes, form 8606 and the worksheets will be generated and filed with the IRS if you reported any of these on your tax return:

Nondeductible contributions made to a traditional IRA
Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions)
Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA
Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions)

Please follow this link for more information.

Here is a TurboTax link about form 8606.

To check to see if the form is present, you can view your return before efiling. Here is a TurboTax article that explains how.

@KCHAN4734