IRA Taxes

mhunten — Fri, 14 May 2021 18:55:31 GMT

I have retired and have taken out my IRA as retirement income. I have the 8606 forms from2005 - 12, after which I did not contribute more. TurboTax doesn't seem to have imported my basis for the IRA and is taxing the entire amount. I am missing my 2015 TurboTax file, but have all others from 2005 - 2020. How do I get the basis entered into this years taxes? I am using TurboTax Deluxe 2020.

thanks,

Mark Hunten

Re: IRA Taxes

macuser_22 — Fri, 14 May 2021 19:21:04 GMT

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2020.

That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.

NOTE: If there is an * next to line 15 then 6-14 will be blank and the calculations will be on the "Taxable IRA Distributions worksheet instead.

Re: IRA Taxes

mhunten — Mon, 17 May 2021 15:07:58 GMT

Thanks, that worked perfectly! Appreciate the quick response.

Mark H

topic IRA Taxes in Retirement tax questions

IRA Taxes

Re: IRA Taxes

Re: IRA Taxes