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qwer1234
Level 2

How to enable 8606 in TurboTax

After entering 1099-R, I am supposed to enter form 8606. But I cannot figure a way to enable it in TurboTax. My IRA is NOT inherited. 

 

Is there any advice from the experts? Thank you!

1 Best answer

Accepted Solutions
qwer1234
Level 2

How to enable 8606 in TurboTax

After spending a couple of hours exploring and google, I finally find out a way to fill in 8606 in TurboTax that I want to share with the community. 

 

My instructions are based on TurboTax 2020 desktop version:

1. Menu: View -> Forms

2. In the form view, choose open form and type 8606 in the text box

3. It will list 8606-T (primary taxpayer) and 8606-S(spouse)

4. Select the 8606 form you want to work on

5. Typing the header information is straightforward

6. Entering numbers is tricky. TurboTax doesn't allow you to enter numbers directly on 8606. Instead, you need to navigate and enter numbers in the supporting form: IRS contribution working sheet. Then the correct numbers will show up on 8606.

 

After six steps, you are all set for filing 8606. Hopefully, it helps you!

 

View solution in original post

4 Replies
qwer1234
Level 2

How to enable 8606 in TurboTax

After spending a couple of hours exploring and google, I finally find out a way to fill in 8606 in TurboTax that I want to share with the community. 

 

My instructions are based on TurboTax 2020 desktop version:

1. Menu: View -> Forms

2. In the form view, choose open form and type 8606 in the text box

3. It will list 8606-T (primary taxpayer) and 8606-S(spouse)

4. Select the 8606 form you want to work on

5. Typing the header information is straightforward

6. Entering numbers is tricky. TurboTax doesn't allow you to enter numbers directly on 8606. Instead, you need to navigate and enter numbers in the supporting form: IRS contribution working sheet. Then the correct numbers will show up on 8606.

 

After six steps, you are all set for filing 8606. Hopefully, it helps you!

 

View solution in original post

MtnTABS
Level 4

How to enable 8606 in TurboTax

We’re you able to eFile your Federal Return after doing this? I’ve been battling with my 2020 Deluxe CD/Download for 31 days 🤯 and I keep asking TT personnel why my 8606-T is blank in Part 1. From my IRA in 2020 I converted some money to a ROTH IRA which shows up in 8606 Part II correctly. I ALSO took a cash distribution from the same IRA but TT refuses to tax it and it doesn’t appear on Line 4b 1040. I was told that TT cannot handle more than one “action” per 1099R so I had to make two 1099R entries with corresponding amounts indicating what I did with each. It STIll refuses to tax my cash distribution and I have a sneaking suspicion that blank Part I 8606 is the problem. They say not but there is a ️next to my 8606 form (Not Done). Just wondering if your fix actually allowed you to eFile? Thank you.

MtnTABS
Level 4

How to enable 8606 in TurboTax

I forgot to say that I have no “basis” in my IRA. 

MtnTABS
Level 4

How to enable 8606 in TurboTax

Okay, I’m in my 8606-T Form but all I see are:

Traditional IRA Basis Smart Worksheet

traditional IRA Value Smart Worksheet

 

I didn’t make any contributions to my traditional IRA and I have no “basis” but even the year-end total value of my IRAs doesn’t show in Part 1 even though I filled it in during the Step-by-Step questions. All I want to do is get my cash distribution taxed because right now TT shows I have a $15,186.00 refund!!! 🤣 

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