My IRA contributions made in 2024 not showing up on line 4 of form 8606

[aj2004]

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.

[DanaB27]

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.

[aj2004]

This is what I entered:

When I print the return for my records, it does not show any value in line 4.

[DanaB27]

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:

1. Click on the "Search" on the top right and type “1099-R” 
2. Click on “Jump to 1099-R”

[aj2004]

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.

[LenaH]

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. 

@aj2004 

[aj2004]

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. 

[DanaB27 · Accepted solution]

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.

[sm3]

The max IRA amount allowed for 2023 is $6500. Did you contribute excess of $1000? Make sure the contribution amount you enter is for year 2023 even though it was done in 2024.