I have the desktop version of turbotax on mac. I contributed to my IRA in 2024. When I print the return for my records, it does not show these contributions on line 4 of my form 8606.
Yes, line 4 states "Enter those contributions included on line 1 that were made from January 1, 2024, through April 15, 2024" but this information is only needed if you made a distribution or conversion in 2023 to calculate the taxable part of the distribution or conversion. The amount on line 4 has to be excluded from line 3 for the calculation because it wasn't in the account in 2023 and therefore could not have been distributed or converted in 2023.
If you did not have a distribution or conversion in 2023 the instructions on Form 8606 say to skip lines 4 to 13 and enter the amount from line 3 on line 14.
Only if you say yes to the question "In 2023, did you take a distribution from traditional, traditional SEP, or traditional SIMPLE IRAs, or make a Roth, Roth SEP, or Roth SIMPLE IRA conversion?" it says to go to line 4, meaning to enter something on line 4.
You stated you did not have any Form 1099-R, therefore, TurboTax is following the instructions on Form 8606 to skip line 4 and does not enter anything on line 4.
For your information, line 2 is the basis (nondeductible traditional IRA contributions) from prior years, not distributions. You find this on your last filed Form 8606 line 14.
Did you take a distribution from traditional, traditional SEP, or traditional SIMPLE IRAs, or make a Roth IRA conversion in 2023? If not, then you do not enter anything on line 4.
This is what I entered:
When I print the return for my records, it does not show any value in line 4.
Did you enter a Form 1099-R for the distribution from a traditional/SEP/SIMPLE IRA or for a conversion to a Roth IRA? As seen on Form 8606 the instructions, in the box under line 3, state that if you do not have a distribution or conversion entered then you do not complete the rest of Part I. Therefore, line 4 will be empty.
If you received a Form 1099-R then please follow these steps to enter it in TurboTax:
These are my contributions to traditional IRA. As I made this contribution in 2024 for the year 2023, I did not get any 1099-R for this in 2023. I think there may be a bug in the software that it is not picking up the value while printing. Please advise.
If the $7,500 was a contribution, then no amount should populate on Line 4. Line 4 is only entered if you had a distribution or conversion in 2023, as highlighted by DanaB27 above.
I don't understand. Line 4 says
"Enter those contributions included on line 1 that were made from January 1, 2024, through April 15, 2024"
Line 1 is about the contributions made to traditional IRA, not about the distributions or conversions - that is Line 2.
Line 4 talks about Line 1, not Line 2. I had used other tax softwares in the past and they all had these listed against Line1.
Yes, line 4 states "Enter those contributions included on line 1 that were made from January 1, 2024, through April 15, 2024" but this information is only needed if you made a distribution or conversion in 2023 to calculate the taxable part of the distribution or conversion. The amount on line 4 has to be excluded from line 3 for the calculation because it wasn't in the account in 2023 and therefore could not have been distributed or converted in 2023.
If you did not have a distribution or conversion in 2023 the instructions on Form 8606 say to skip lines 4 to 13 and enter the amount from line 3 on line 14.
Only if you say yes to the question "In 2023, did you take a distribution from traditional, traditional SEP, or traditional SIMPLE IRAs, or make a Roth, Roth SEP, or Roth SIMPLE IRA conversion?" it says to go to line 4, meaning to enter something on line 4.
You stated you did not have any Form 1099-R, therefore, TurboTax is following the instructions on Form 8606 to skip line 4 and does not enter anything on line 4.
For your information, line 2 is the basis (nondeductible traditional IRA contributions) from prior years, not distributions. You find this on your last filed Form 8606 line 14.