topic Re: 8606 in Retirement tax questions

8606

David1989 — Sun, 14 Feb 2021 19:32:45 GMT

I entered my non-deductible contribution as well as the 1099-R which shows the conversion of the account to a Roth. However, when I look at 8606, it is not completing lines 4-13 which are required if there is a Roth IRA conversion. Why?

Re: 8606

DaveF1006 — Sun, 14 Feb 2021 20:38:01 GMT

You may need to answer additional questions in your return so that lines 4-13 may be accurately reflected in your return. Try these exact steps:

Open your return if it isn't already open.
Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions
Select the Jump to link in the search results.
Proceed through the IRA section, answering questions as you go.
When you reach the screen Any nondeductible contributions to your IRA? answer Yes, then continue. We'll generate and fill out the 8606 behind the scenes.
Be sure to answer all the questions accurately and not skip each STEP.

[Edited 02-14-2021|12:37 PM PST]

Re: 8606

dmertz — Sun, 14 Feb 2021 20:45:42 GMT

When you do both a nondeductible traditional IRA contribution and a traditional IRA distribution in the same year, TurboTax sometimes needs to do the pro rata calculation on Worksheet 1-1 of IRS Pub 590-B instead of using lines 6 through 12 of Form 8606. This is indicated by an asterisk next to lines 13 and 15 of Form 8606 and this worksheet being present in your tax file.