How can I fill out form 8608 online program

Forum|Forum|6 years ago
February 27, 2020
2 replies
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TurboTax Free Edition Online

ThomasM125

Level 15

I believe you must mean form 8606, Nondeductible IRA's?

Form 8606 is used to report a non-deductible IRA contribution or distribution from a retirement account when you had made non-deductible contributions.

If you are reporting a distribution, you need to enter your 1099-R information in the "Retirement Plans and Social Security" section of TurboTax, and then "IRA, 401(k), Pension Plans (1099-R)." Based on your answers in that section, the form 8606 will be populated if required.

If you made a non-deductible contribution to an IRA account in the current year or prior years, you report that in the "Deductions and Credits" section, and then "Retirement Plans and Investments" and then "Traditional and Roth IRA Contributions." Again, form 8606 will be populated as required based on the information entered in that section.

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macuser_22

Alumni - Champ

Why do you think you need a seperate 8606 form?

You don't normally enter a 8606 itself. It is automatically created when:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

If none of those occurred, then the last filed 8606 remains in effect

There are some circumstances when a 8606 must be files for other reasons and might require filing a stand-alone 8606.

https://ttlc.intuit.com/questions/1899503-what-is-form-8606-nondeductible-iras-used-for

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**