topic Form 8606 is allocating all my remaining basis in my IRAs to my 2020 distributions. I can't find a way to get my 12/31/20 IRA balances to 8606, Box 6. Can anyone help? in Retirement tax questions

Form 8606 is allocating all my remaining basis in my IRAs to my 2020 distributions. I can't find a way to get my 12/31/20 IRA balances to 8606, Box 6. Can anyone help?

gypsea20 — Sun, 07 Mar 2021 16:51:38 GMT

My 8606 is wrong and I can't get anyone at TT to help.

Re: Form 8606 is allocating all my remaining basis in my IRAs to my 2020 distributions. I can't f...

DanaB27 — Sun, 07 Mar 2021 18:44:24 GMT

Please follow these instructions to enter your value of your IRA on 12/31/2020:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
On the "Your 1099-R Entries" screen click "continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?"
Answer the questions about the basis
On the "Tell Us the Value of Your Traditional IRA" screen enter the value of your IRA on 12/31/2020.

Re: Form 8606 is allocating all my remaining basis in my IRAs to my 2020 distributions. I can't f...

gypsea20 — Wed, 10 Mar 2021 13:15:49 GMT

Thank you DanaB27. Your instructions worked perfectly and my 8606's now agree with my calculations.

Re: Form 8606 is allocating all my remaining basis in my IRAs to my 2020 distributions. I can't f...

gypsea20 — Wed, 10 Mar 2021 13:30:14 GMT

DanaB27. Your instructions worked perfectly. However, before I posted my question, I was on hold for an hour and a half waiting for Turbo Tax phone Support. And when I finally got through to a human being, she was completely ignorant of Form 8606. She was reading the instructions to see how it worked. She was not able to help at all and insisted the 8606 must be correct as it was. She finally agreed to have my return taken electronically to be reviewed by "the experts". The next morning I got an email from TT saying "CASE CLOSED", with no explanation, and no correction to my return. So I would say Turbo Tax support in general leaves a lot to be desired. Doing my taxes with TT has been an extremely frustrating experience for me.