8606 for 2020

Forum|Forum|5 years ago
August 25, 2021
7 replies
8 views

Turbo Tax will not generate the 8606 automatically. I followed the online directions and still no form. I need to file manually.. Do i fill in line 4? 2019 was the first year i filed a 8606

macuser_22

Alumni - Champ

@OKevinP wrote:

Turbo Tax will not generate the 8606 automatically. I followed the online directions and still no form. I need to file manually.. Do i fill in line 4? 2019 was the first year i filed a 8606

Line 4 is for 2020 contributions made in 2022 before the filing date.

Why do you need a 8606? What directions did you follow?

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 filed for other reasons and might require filing a stand-alone 8606.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

OKevinPAuthor

Level 2

i did a ira to roth IRA back door conversion in 2019. Turbo tax auto generated the form 8606 for tax yr 2019

7K for me, 7K for wife (This was our 1st year on the back door conversion)

I did another ira to Roth IRA back door for 2020. When i generated my 2020 return, it did not auto generate the 8606 form. I read blogs that state the uTurbotax 2020 edition has a glitch and does not auto generate the 86060in tax year 2020

macuser_22

Alumni - Champ

@OKevinP wrote:

i did a ira to roth IRA back door conversion in 2019. Turbo tax auto generated the form 8606 for tax yr 2019

7K for me, 7K for wife (This was our 1st year on the back door conversion)

I did another ira to Roth IRA back door for 2020. When i generated my 2020 return, it did not auto generate the 8606 form. I read blogs that state the uTurbotax 2020 edition has a glitch and does not auto generate the 86060in tax year 2020

There are no known bugs in the 1099-R and 8606.

If you made a 2020 non-deductible Traditional IRA contribution and then converted it to a Roth then the most common error is failing to enter the contribution in the IRA contribution section and mark it non-deductible.

Did you even enter the contribution?

If you did, was it make deductible and is it on the 1040 Schedule 1 line 19?

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**