topic Re: Form 8606 in Retirement tax questions

Form 8606

tom_gilbert — Mon, 22 Feb 2021 20:22:47 GMT

I'm confused, on form 8606, line 6 should I include the value of ALL of my IRA's/401(k) rollovers or just the value of my non-deductible IRA's?

Re: Form 8606

DavidD66 — Mon, 22 Feb 2021 20:38:19 GMT

You should include ALL of your IRAs (other than Roth IRAs) on Line 6 of Form 8606. That would include any 401(k) rollovers, and traditional IRAs, whether the contributions were tax deductibile or not.

Re: Form 8606

tom_gilbert — Mon, 22 Feb 2021 21:04:38 GMT

Thanks for this. Just as a follow up, on line 2 of for 8606 then I should only include my non-deductible contributions as my "basis", right?

Re: Form 8606

dmertz — Mon, 22 Feb 2021 21:52:13 GMT

Line 2 is you basis from nondeductible traditional IRA contributions made for years prior to 2020. Any amount of traditional IRA contributions you made for 2020 should be on line 1, not included on line 2.

Re: Form 8606

djsdc — Wed, 21 Apr 2021 19:13:30 GMT

On Line 6 should I include my 401K if it is still with my former employer although I am retired?

Re: Form 8606

dmertz — Thu, 22 Apr 2021 15:36:45 GMT

Nothing about a 401(k) goes on Form 8606. A 401(k) is not an IRA. When TurboTax asks for the year-end value of your traditional IRAs, include only your traditional IRAs, not the 401(k).