I have a small amount of my traditional IRA's funds which I was not able to deduct in the early years and have since did the documents to establish the basis. The past three years I have been taking distributions from my IRAs, which include 401K rollover money and have trusted turbo tax to fill the forms based upon the questions it asks. I have computed the market value of all my IRA's using the totals given on December 31st of each year. My question is should my form 8606 have entries in blocks 6-12 as applicable? My basis for the traditional IRA's dates back to 1990-2007. The form seems to be incomplete when I have entered the current market value for the past three years when I started taking distributions.
I tried to submit Form 8606 to the IRS in my 2020 Tax Return.
I complete the Form 8606 Worksheet. I can see the 8606 work sheet is included in "Forms in My Return" as "IRA info Wks". Somehow I don't see the actual Form 8606 spelled out or printed out when I printed the whole documents for my record. I can only search for Form 8606 and I can see it and print out as a single document.
My question is will my Form 8606 be filed to the IRS? Will my work sheets be filed too? How do I know if my Form 8606 will actually be filed to the IRA?
Please help answering my questions so I can go ahead and file my return with a peace of mind. Thank You!
Kenneth Chan
Yes, form 8606 and the worksheets will be generated and filed with the IRS if you reported any of these on your tax return:
Please follow this link for more information.
Here is a TurboTax link about form 8606.
To check to see if the form is present, you can view your return before efiling. Here is a TurboTax article that explains how.