Because TurboTax doesn't support the ability to e-file if you have a RMD from an inherited IRA with a nondeductible contributions (see: https://ttlc.intuit.com/community/taxes/discussion/feedback-need-support-for-distribution-from-inher... ) , does anyone know if I can skip putting in the basis this year, and just "save" it all for future years?
Ignoring the nondeductible contribution basis this year doesn't cost me that much this. But if by skipping this year, I throw away the entire basis for all future years, that does cost me quite a bit.
Everything I've read says not to file by paper this year. Perhaps next year, either the IRS will be able to handle paper returns again, or TurboTax will have addressed this problem.
You'll need to sign in or create an account to connect with an expert.
You could efile and then paper-file an Amended Return later to report the non-deductible basis from your inherited IRA on Form 8606.
Click this link for a workaround.
This link has info on How to Trigger Form 8606.
I have heard of the above workaround, thank you. But I'd still like to know the answer to my question before I decide what to do.
You want to have continuity. It's not a good idea to forgo having an official record of your actions as opposed to plugging something in at a later date and then having to justify it to the IRS.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dkonol2
Level 2
rougutou
New Member
rand90210
Level 2
nilaytewari
Level 2
leojbourne
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.