8606 Entries

[Pugsbrew]

Every year I need to put in a IRA Cost Basis. The directions say it comes from the previous year's 8606, line 14.  Every year I input that number, and it's always wrong.  Why won't Turbo Tax import that number from the previous year's return.

What am I missing here?

[LinaJ2020]

Are the numbers on the Form 8606 correct?  You can try to remove the Form 8606 and re-enter the information again. 

If you have not filed,  to remove the form, here are the steps:

• Sign in to your account, select Pick up where you left off
• To your left, Select Tax Tools/drop-down menu
• Select Tools
• Under Other helpful links, choose to Delete a form
• Select Delete next to Form 8606 and Continue with My Return to proceed

To re-enter the information, follow these steps:

• Open up your program if you have not done so
• To the right upper corner, in the search box, type in "8606" and Enter
• Select Jump to 8606, nondeductible ira contributions
• Follow prompts

[fanfare]

don't file form 8606 with the same basis each year, it's not necessary.

Only file if your basis changes.

[TCW2]

I followed the steps provided to delete Form 8606-T, and it didn't work.   I clicked the "Delete" button, received a message saying the form had  been deleted, then pressed "Continue".  But the form 8606 is still there.  It's a circular process.  I can delete it over and over again, I receive confirmation that it has been deleted, but the form has not been deleted.  Odd and frustrating.  

[MayaD]

The form is not deleting because the information you entered indicate that Form 8606 is required to be included with your tax return.

TurboTax will automatically generate form 8606 if you reported any of these on your tax return:

• Nondeductible contributions made to a traditional IRA
• Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, re-characterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions)
• Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA
• Distributions from a Roth IRA (other than rollovers, re-characterizations, or a return of certain contributions)