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Returning Member
posted Jan 17, 2021 11:05:11 AM

Form 8606 first home confusion

In the interest of being proactive, I'm trying to figure out what's required to get Form 8606 to show up in Turbo Tax 2020.

 

At the time of typing this, Form 8606 is not available yet.

 

Situation:

 

Per https://ttlc.intuit.com/community/retirement/discussion/yes-you-need-to-file-form-8606-this-form-is-used-to-re/01/737439 is a qualified Roth IRA distribution. Unlike the original poster (OP), I withdrew my Roth IRA contributions. My 1099-R form does show the $10K first time home purchase amount and original Roth IRA contributions as "Gross distribution (Box 1)".

 

Per https://ttlc.intuit.com/community/retirement/discussion/re-form-5329-t-and-s-for-first-time-homebuyers/01/1157679, Roth IRA contributions are not taxable.

 

I had to manually check mark Turbo Tax Form 1099-R for the line "If box 7 code is J or T,  check is qualified distribution (see Help)". I also entered "first time home purchase 10000.00" for the line "If box code is J, enter amount used for first time home purchase". This made Turbo Tax Form 8606 disappear.

 

Anyone know the magic keystrokes required to get Form 8606 to show in Turbo Tax. I need the paperwork to tell the IRS I withdrew $10K plus my original Roth IRA contributions.

 

Thanks for the help!

 

 

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2 Replies
Level 15
Jan 17, 2021 11:33:26 AM

there's no magic ; you don't need form 8606 for this situation.

Level 15
Jan 17, 2021 11:34:44 AM

if a form is not ready yet in TurboTax, there's no other magic that will make it appear.