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?
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:
To re-enter the information, follow these steps:
don't file form 8606 with the same basis each year, it's not necessary.
Only file if your basis changes.
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.
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: