Hello,
I've tracked my non-deductibles across past years on form 8606 (2021-2023). Tax year 2024 is the first year I performed a Roth conversion from my tIRA to my Roth IRA with my nondeductibles and a bit of pre-tax growth ($2). Tax year 2024 I contributed $5,000 to my tIRA and $2,000 to my Roth IRA.I converted a total amount of $23,908.40 which is on my 1099-R and it doesn't display this number in line 8. I've already entered the information in 1099-R in Turbo Tax. Here is the breakdown of what Turbotax is reading in 8606 form:
Just curious why certain fields are empty and I also tried to override the fields 6-12 but Turbotax will not accept a submission if fields are overridden. I don't believe this taxable amount is correct. Kindly advise on your thoughts.
If your basis was $23,500 but you converted $23,908 (entire balance),
then after pro-rating calculation, you will pay tax on about $410.
TurboTax is correct.
If your basis was $23,500 but you converted $23,908 (entire balance),
then after pro-rating calculation, you will pay tax on about $410.
TurboTax is correct.
Thank you @fanfare for your quick response! I thought it was going to be $431 taxable when you complete lines all the lines in Part 1. Can you share how you were able to use the prorate calculation to receive the $410 taxable amount?
taxable amount depends on the amount you entered for the Dec 31 value of All IRAs.
Form 8606 Line 6
I have the same issue with 6-12 being blank yet there is a number (correctly calculated) on line 13. Why is 6-12 blank. The calculation for line 13 should be on 6-12 (& it's in the workpapers). Why isn't it showing on the 8606?
If line 6-12 are blank the TurboTax is using the worksheet according to Pub. 590-B. You should have * next to line 13.