I need Form 8606 to generate this year. I have entered the information as I think it should be. I have entered the correct prior basis and the 12/31/23 FMV of my IRA. I have prior basis and I have a current year taxable withdrawal from my inherited IRA plus another IRA withdrawal that is all QCD. The form should generate based on the inherited IRA withdrawal that is taxable. Please help!
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You may need to delete the 1099-R and re-enter it. How to trigger Form 8606
That didn't work to reenter the one 1099, but I changed my other IRA withdrawal on a different 1099 that is all QCD to being taxable to test the software and the Form 8606 generated and worked correctly so the form is there. The taxable distribution I have this year is very small so I am not going to worry about it. At least I can see it should work correctly next year. Thank you.
QCDs do not go on Form 8606.
Distributions from inherited IRAs do not go on your Form 8606 in TurboTax. If there is basis in the inherited IRA, a separate Form 8606 must be prepared by you outside of TurboTax and just the resulting taxable amount entered into TurboTax when TurboTax asks for the taxable amount. The separately prepared Form 8606 should then be included with your mailed tax return.
If you had no transaction that is reportable on Form 8606, Form 8606 is not to be included in your filed tax return and your last filed Form 8606 will still be current with regard to your own basis that carries forward. However, make sure that you have entered into TurboTax the year-end value of your own traditional IRAs, otherwise a bug that has been present in TurboTax for many years will cause TurboTax to zero out your carryover basis on the IRA Information Worksheet.
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