Form 8606 Not Displaying Values

[taxprepny99]

Hello,

I've tracked my non-deductibles across past years on form 8606 (2021-2023). Tax year 2024 is the first year I performed a Roth conversion from my tIRA to my Roth IRA with my nondeductibles and a bit of pre-tax growth ($2). Tax year 2024 I contributed $5,000 to my tIRA and $2,000 to my Roth IRA.I converted a total amount of $23,908.40 which is on my 1099-R and it doesn't display this number in line 8. I've already entered the information in 1099-R in Turbo Tax. Here is the breakdown of what Turbotax is reading in 8606 form:

• My total of $5,000 line 1
• My total basis for line 2 is 18,500 from tax year 2021 - 2023 (6,000,6,000,6,500).
• Line 5 is total basis $23,500 (18,500+5,000).
• In Turbotax it shows empty in lines 6-12 and on line 13 is shows $23,498 ($23,500-$2).
• Line 14 = $2.
• Lines 15a-c = 0. Part II - Line 16 = $23,908 which is supposed to be what is entered on line 8, but line 8 is empty.
• Line 17 = what is on line 11 which is $23,498
• Line 18 is the taxable amount = $410

Just curious why certain fields are empty and I also tried to override the fields 6-12 but Turbotax will not accept a submission if fields are overridden. I don't believe this taxable amount is correct. Kindly advise on your thoughts.   

[fanfare]

@taxprepny99 

[fanfare]

@taxprepny99 

[fanfare]

Sorry I misread the $ amounts from your post.\

@taxprepny99 

[fanfare · Accepted solution]

If your basis was $23,500 but you converted $23,908 (entire balance),

then after pro-rating calculation, you will pay tax on about $410.

TurboTax is correct.

@taxprepny99 

[taxprepny99]

Thank you @fanfare for your quick response! I thought it was going to be $431 taxable when you complete lines all the lines in Part 1.  Can you share how you were able to use the prorate calculation to receive the $410 taxable amount? 

[fanfare]

taxable amount depends on the amount you entered for  the Dec 31 value of All IRAs.

Form 8606 Line 6

[langerja]

I have the same issue with 6-12 being blank yet there is a number (correctly calculated) on line 13.  Why is 6-12 blank.  The calculation for line 13 should be on 6-12 (& it's in the workpapers).  Why isn't it showing on the 8606?

[langerja]

But why is 6-12 blank when numbers should be there?

[DanaB27]

If line 6-12 are blank the TurboTax is using the worksheet according to Pub. 590-B. You should have * next to line 13. 

@langerja