I did a backdoor contribution (contributed to IRA, then convert to roth IRA) in 2024. Filled out all the information correctly, Turbotax accurately characterized my contribution as "nondeductible" and "$0 taxable", but it didnt generate form 8606 automatically. Turbotax said this is a known issue and they're working on it.
Do I need to file the form separately manually or should I wait until Turbotax resolve this issue?
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There was an issue with reporting the prior year basis, which has been fixed, but if you entered everything correctly you should have Form 8606 included. Please review the steps below.
To enter the nondeductible contribution to the traditional IRA for 2024:
To enter the Form 1099-R conversion:
To preview your complete return please see Can I print a copy of my return in TurboTax Online before I file it?
Thank you for the response, DanaB27! I followed your instruction until step 8. I didnt get "“Any Nondeductible Contributions to Your IRA?” question, it directly told me that I'm not qualified for deductible contributions, which is fine. I didnt have contribution in previous year, so I put prior year basis as $0.
When going to review using "tax tools", it only shows me 1040 for fed tax and state tax form, no form 8606 was generated. Am I supposed to see the 8606 form here or can I only see it after paying and using "print" function?
You can only see the Form 8606 when you select the print function. The "Preview my 1040" option only shows Form 1040 and doesn't show all forms included with the return.
Please see How do I preview my TurboTax Online return before filing? for additional information.
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