topic Re: Error on Form 8606 in Retirement tax questions

Error on Form 8606

wonderruss — Wed, 15 Jan 2020 23:40:51 GMT

Form 8606 says it has an error. It says the form needs to be updated to ensure all calculations are correct. But when I check for updates it says that no updates are available.

Re: Error on Form 8606

DoninGA — Wed, 15 Jan 2020 23:43:33 GMT

The Form 8606 has not yet been finalized. The estimated date is 01/29/2020. Click on the Review tab for any forms and schedules that have not yet been finalized and their estimated availability dates.

Re: Error on Form 8606

STP2 — Fri, 31 Jan 2020 16:31:25 GMT

The available was 1/29/2020, then changed t0 2/05/2020 and now is showing 2/12/2020. IRS had this form on their site for 2019 on Sunday 1/26/2020. Called to verify the first change and was told that 2/05/2020 was valid. Why the slippage and what is the real date? April 15, 2020 or do I need to file an extension if using Turbo Tax to file my taxes?

Re: Error on Form 8606

LinaJ2020 — Tue, 04 Feb 2020 19:07:35 GMT

The fact that the forms are available on the IRS website has nothing to do with any tax software program. The forms are available if you are going to download from the IRS to complete it on your own. However, e-filing is different. Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. I hope this helps you understand the situation. At this point, the IRS expects to approve the form 8606 on TurboTax e-file as 02/12/2020. I truly understand your frustration and thank you for your patience.

[Edited 2/4/2020 | 2:05 PM]

@Noel4 Please see the correction. It was for Form 8606

@STP2

Re: Error on Form 8606

Noel4 — Tue, 04 Feb 2020 16:35:58 GMT

My inquiry references 8606. Your reply refers to Form 8936. What happened?

Re: Error on Form 8606

DoninGA — Tue, 04 Feb 2020 16:37:48 GMT

@Noel4 wrote:

My inquiry references 8606. Your reply refers to Form 8936. What happened?

Form 8606, Nondeductible IRAs - Estimated date available 02/12/2020

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Re: Error on Form 8606

macuser_22 — Tue, 04 Feb 2020 16:45:21 GMT

The IRS paper form is only the first step.

Once the IRS publishes the paper for then the IRS must use that to develop the electronic form specifications (schema) and then got that to the software vendors like TurboTax. TurboTax must then develop its electronic form to meet those specifications and then submit that back to the IRS for final approval before TurboTax can incorporate the new form into an scheduled update (they usually do not produce an update for any specific form or change or you would have a new update every day.)

That usual means that the update will lag the IRS paper form for 2-4 weeks depending on how fast these processes take at the IRS and TurboTax.

Re: Error on Form 8606

STP2 — Tue, 04 Feb 2020 17:24:30 GMT

Thank you for the explanation. I really do understand the complexities associated with a change or modification process...was my occupation for 18+ years...my frustration is that the dates slipped twice and the second change came after talking to a customer service rep who verified the first date change with a manager. My general concerns are linked to an ID theft issue several years prior with my wife's SSN that was discovered when filing our taxes...TMI I am sure...managing customer expectations is the issue

Re: Error on Form 8606

macuser_22 — Tue, 04 Feb 2020 17:41:00 GMT

The date is only the estimated date. Often unexpected delays (sometimes at the IRS) will slip the date. This happens often the Congress makes last minute tax law changes at the end of December such as they did. There are numerous forms that the IRS must re-write or modify because of the last minute tax law changes and they don't always meet the estimated date.

Re: Error on Form 8606

Noel4 — Tue, 04 Feb 2020 17:44:07 GMT

But why does the form # in the explanation change from 8606 to 8936?

Re: Error on Form 8606

macuser_22 — Tue, 04 Feb 2020 17:49:37 GMT

@Noel4 wrote:

But why does the form # in the explanation change from 8606 to 8936?

What explanation? If yiu mean the employee that posted above - I can only guess a typing error. since the 2/12 date is the current estimate in the forms list for the 8606 form.

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

Re: Error on Form 8606

DoninGA — Tue, 04 Feb 2020 17:59:16 GMT

@Noel4 wrote:

But why does the form # in the explanation change from 8606 to 8936?

Because @LinaJ2020 mistakenly answered using form 8936 instead of form 8606.

Re: Error on Form 8606

Max 49 — Thu, 13 Feb 2020 03:57:43 GMT

2/12/20 came and no form 8606 was available on the updated Turbotax so I returned the software to COSTCO and purchased the competition software .I successfully e-file my taxes and wasn’t never asked for 8606 on that software.

I waited days and spent hours on the computer and the phone for a answer to the issue both with TT support and IRS.

Form 8606 disappeared from the list of supported forms for TT on the official site.

The support tech that help me got my permission to enter my computer and told me to do this and that (some completely wrong) to no avail.

So disappointing after so many years of great satisfaction with TurboTax.

I was left lost. Is there a bug that nobody knows?

Is the issue on my computer or maybe that particular CD?
If writing the form to the software is the issue, why taking so long?

My hard earned money is on my way now and I'm happy that there’s a software in the market place that did what it supposed to do.
I will keep looking for what really is the issue, for curiosity sakes, and maybe next year I will get that software that got my money fast and accurate.

Re: Error on Form 8606

bobmizret — Fri, 21 Feb 2020 19:23:05 GMT

Was to be finalized on 2/12/2020...its now 2/21/2020. still getting an error when inputting total cost basis from 2018. New update date ?

Re: Error on Form 8606

macuser_22 — Fri, 21 Feb 2020 20:49:34 GMT

@bobmizret wrote:

Was to be finalized on 2/12/2020...its now 2/21/2020. still getting an error when inputting total cost basis from 2018. New update date ?

The 8606 is finalized. If you are using the CD/download desktop version be sure to update to the latest version.

What type of error are you getting - what does it say?

Re: Error on Form 8606

bobmizret — Tue, 03 Mar 2020 15:29:23 GMT

the error states total basis in traditional IRAs is not the same as 2018 (lines 2 & 3). checked 2018 return & info entered is the same & filed.

Re: Error on Form 8606

macuser_22 — Tue, 03 Mar 2020 15:52:47 GMT

The 2018 carry forward basis will be on the 2018 8606 line 14, not necessarily the same as lines 2 & 3. (The actual carry forward 2018 basis will be found on the 2018 "IRA Information Worksheet" line 3, that is where TurboTax get the value to transfer to 2019.)

When entering the 2019 1099-R that carry forward basis should auto populate the "enter non-deducible basis" from prior year. If you enter a different value then yiu can provide an explanation statement as to why it is different.

Note that if you amended 2018 and changed the basis, then only the original 2018 values import, you would need to manually change it and add the statement.