You'll need to sign in or create an account to connect with an expert.
I totally agree! Last year was the first time I had to deal with withdrawals from an IRA with non-deductible contributions, but I thought I understood it well then. It was easy to see that 2019 TT and 2020 TT were treating it differently.
And... every time I re-open our 2020 return in TT, as I did just now, the 8606 bug that we've been talking about comes back!!! Even after a TT update yesterday? Fortunately, I know how to get rid of the entry using step-by-step, but goodness, this seems like a correctable TT error.
I have encountered the same bug. I can correct it by answering the questions again, but each time I open TurboTax it comes back. Tech support tried to tell me it was because I had the latest OS (Security) updates on my Mac and closed the ticket! This made no sense since the CPA was able to reproduce the problem on her Windows system. I called back and opened another ticket. My concern is that not everyone will see this error. It makes a BIG difference to my taxes and gives me a refund when I actually owe more money. Other people might not realize what is happening and then go ahead and file. I hope they fix this soon...
I’m having the same problem as well. Tech support is totally clueless and refuses to admit it’s a problem. I find Intuit’s attitude about a clear bug in the software to be very disappointing.
I received a call from TurboTax (CPA) support this morning. She said that Tech support does have an open ticket for this, CSI #INV11645. They are still working on the solution.
It appears the fix was included in the 3/3/2021 updates. I installed the updates and the issue no longer occurs. I tried opening TurboTax 3 times and all figures remained correct for my IRA's.
Finally! That's great to hear!
Between this bug, and the multiple rejections and resubmissions (without making any corrections) of my returns, it's the worst performance I have ever seen from TurboTax. And I've used their software since at least the early 1990s.
I will definitely look for a different product next year...
This was a known bug with TT and inherited IRAs this year. I am happy to report that this bug appears to have been fixed! I am trying to get the word out by posting this on all the various threads inquiring about Form 8606 and Inherited IRAs. The issue with the Inherited IRA distributions incorrectly showing on Form 8606 appears to have been resolved as of 3/5/2021. Make sure you download the updates from 3/4/2021. Recently, there have been related reports on the support forum from many people saying they were getting error messages about Form 8606 when trying to file even if they didn't have an Inherited IRA. I suspect Turbo Tax put a hold on anyone filing an 8606 until they got the Inherited IRA issue resolved. In any event, I was able to e-file successfully and the figures from the Inherited IRA distribution were correctly populated on the return.
Still have questions?
Make a postDid the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.