Why am I waiting on form8606-T?

[MayaD]

Form 8606 is used to report nondeductible contributions you made to traditional IRAs.

One of the purposes of filing this form is to keep track on your IRA nondeductible contributions to traditional IRAs. The Form 8606 has not yet been finalized. The estimated date is 02/12/2020.  

[lolo1]

Can we get notification when form 8606 is available ? 

Are you going to clarify interview questions ? Now it appears that when you enter a conversion amount > than an annual IRA contribution limit the program assumes that you are making an excess contribution

[DanaB27]

Form 8606 is scheduled to be available on 2/12/2020.

You can check the most current form availability here:

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

·         

State Forms Availability Table for TurboTax Individual (Personal) Tax Products

Did you enter the conversion also in the Deduction & Credit area? You should enter a conversion only in the 1099-R area and not in the IRA contribution area under Deductions & Credits to avoid the issue with the excess contribution.

@lolo1

[jmiller82]

So..  It's February 12th, and the pesky Form 8606-T (actually just Form 8606, but filed in electronic form as separate, so they added the "T" to distinguish, I suppose) still hasn't been made available.  Instead of 2/12/2020 for the date, we now have "Ready Soon."  Seriously, TurboTax is really testing my patience with this wait.  I have several LARGE transactions (home selling, home buying, etc.) awaiting this ONE form, all of which rely on my 2019 taxes being filed - which I can't do without this ONE form!  Any idea how long after the third announced date the form will be ready (initially, it was 2/1/2020)?!?!

[CatinaT1]

It should be available 24 hours after the IRS approves TurboTax to use the form. Currently, the IRS has not finalized the form. Here is the IRS web page to check the status of form 8606: Available Forms and Limitations. Scroll down to Form 8606.

[jmiller82]

Thanks, Catina - that gives me A LOT more pertinent info!  Now, why couldn't they have this automated to reflect something like, "We're waiting on the IRS to approve the electronic version of Form 8606-T, and then it will be ready for use by TurboTax."  I don't mind delays when they are explained and when they are mitigated (or attempted to mitigate).  Thanks again!

[CatinaT1]

You're welcome.  Glad I was able to help!