https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-need-form-8606-t-when-i-have-1099-r/01/1109556#M85775 <P><STRONG>Form 1099-R</STRONG>&nbsp;reports your distribution (income)<STRONG>&nbsp;</STRONG>and&nbsp;<STRONG>Form 8606</STRONG>&nbsp;tracks the basis in IRAs that have nondeductible (nontaxable) contributions as part or all of the balance of the account, to keep track of taxable and nontaxable amounts.</P> <P>&nbsp;</P> <P>You report distributions from those types of account on&nbsp;<STRONG>Form 8606&nbsp;</STRONG>to update the basis year-to-year and you also report contributions on the form to update the basis as well.&nbsp; For more information see:&nbsp;<A href="http://If you are filing a return in the state of Michigan, we are aware of this issue and are working to correct it. Please sign up at this link to be notified as soon as it is resolved: Michigan SSN error sign-up. We apologize for the inconvenience and are working to correct this as quickly as we can!" target="_blank">What is Form 8606?</A></P> Fri, 07 Feb 2020 23:51:27 GMT SusanY1 2020-02-07T23:51:27Z https://ttlc.intuit.com/community/retirement/discussion/why-do-i-need-form-8606-t-when-i-have-1099-r/01/1109413#M85767 Fri, 07 Feb 2020 23:34:30 GMT https://ttlc.intuit.com/community/retirement/discussion/why-do-i-need-form-8606-t-when-i-have-1099-r/01/1109413#M85767 pamilah2016 2020-02-07T23:34:30Z https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-need-form-8606-t-when-i-have-1099-r/01/1109556#M85775 <P><STRONG>Form 1099-R</STRONG>&nbsp;reports your distribution (income)<STRONG>&nbsp;</STRONG>and&nbsp;<STRONG>Form 8606</STRONG>&nbsp;tracks the basis in IRAs that have nondeductible (nontaxable) contributions as part or all of the balance of the account, to keep track of taxable and nontaxable amounts.</P> <P>&nbsp;</P> <P>You report distributions from those types of account on&nbsp;<STRONG>Form 8606&nbsp;</STRONG>to update the basis year-to-year and you also report contributions on the form to update the basis as well.&nbsp; For more information see:&nbsp;<A href="http://If you are filing a return in the state of Michigan, we are aware of this issue and are working to correct it. Please sign up at this link to be notified as soon as it is resolved: Michigan SSN error sign-up. We apologize for the inconvenience and are working to correct this as quickly as we can!" target="_blank">What is Form 8606?</A></P> Fri, 07 Feb 2020 23:51:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-need-form-8606-t-when-i-have-1099-r/01/1109556#M85775 SusanY1 2020-02-07T23:51:27Z https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-need-form-8606-t-when-i-have-1099-r/01/1110050#M85797 <P>Form 8606 is also required to report any Roth conversion from a traditional IRA even if you do not have basis in nondeductible traditional IRA contributions.</P> Sat, 08 Feb 2020 00:54:28 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-need-form-8606-t-when-i-have-1099-r/01/1110050#M85797 dmertz 2020-02-08T00:54:28Z