topic Re: Where is 8606 form? in Retirement tax questions

Where is 8606 form?

ezfridman — Mon, 17 Feb 2020 23:23:35 GMT

what is (We'll automatically generate and fill out Form 8606 "(Nondeductible IRAs) if you reported any of these on your tax"

Re: Where is 8606 form?

macuser_22 — Mon, 17 Feb 2020 23:26:20 GMT

Why do you think that you need a 8606?

You don't normally enter a 8606 itself. It is automatically created when:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

If none of those occurred, then the last filed 8606 remains in effect

There are some circumstances when a 8606 must be files for other reasons and might require filing a stand-alone 8606.

https://ttlc.intuit.com/questions/1899503-what-is-form-8606-nondeductible-iras-used-for

Re: Where is 8606 form?

7vsapgt8y — Tue, 03 Mar 2020 22:23:56 GMT

Not true. I have a portion that is deductible.

Re: Where is 8606 form?

macuser_22 — Tue, 03 Mar 2020 22:30:41 GMT

@7vsapgt8y wrote:

Not true. I have a portion that is deductible.

What do you think is not true?

Explain what you mean a "portion that is deductible"?

If you mean you have a Traditional IRA contribution and it is only partly non-deductible then that part will be on a 8606 line 1.

Re: Where is 8606 form? Payment for underpayment of 2018 property tax

Louise Pope — Wed, 04 Mar 2020 17:13:14 GMT

1. I have to enter an amount on 8606 but it is not available? Where is it?

2. I paid more in 2019 for 2018 property taxes. Where do I enter that?

3. Where is the entry for a Safety Deposit Box?

Re: Where is 8606 form? Payment for underpayment of 2018 property tax

macuser_22 — Wed, 04 Mar 2020 20:59:54 GMT

@Louise Pope wrote:

1. I have to enter an amount on 8606 but it is not available? Where is it?

2. I paid more in 2019 for 2018 property taxes. Where do I enter that?

3. Where is the entry for a Safety Deposit Box?

Those are 3 totally unrelated questions.

The 8606 is available and will be filled out automatically when:

   1) You make a new non-deductible Traditional IRA contribution.
   2) You take a distribution from a IRA that has a after-tax "basis".
   3) You make a conversion of a retirement account to a Roth IRA
If none of those occurred, then the last filed 8606 remains in effect

Why do you need 8606?

2)

Property tax is entered in the Deductions & Credits, Your Home, Property tax. Or use the Search Topics box for "property tax".

Nowhere. Congress eliminated the Miscellaneous deductions for 2018-2025 with the Tax Cuts and Jobs Act.