turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

I have no current year IRA Contribution, but I have a Traditional IRA Cost Basis which I reported in TurboTax from prior years.  For decades, I have reported these prior year contributions and included Form 8606 with my prior tax filings to track this Cost Basis (pre-TurboTax).  TurboTax shows me this information in the worksheet when I go to the Print Center, but refuses to add a 8606 for me to report & track my prior IRA cost basis without a contribution for this year, which should not be a required for this form to be included. 

 

I attempted to resolve this with phone support, but they seem unable to figure out how to help me resolve this bug.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

TurboTax is behaving correctly.  Per the IRS instructions for Form 8606, Form 8606 is only to be included in your tax return if you have made a nondeductible traditional IRA contribution for the year or during the year you have made a regular traditional IRA distribution involving basis in nondeductible traditional IRA contributions, you have done a Roth conversion, or you made a nonqualified distribution from a Roth IRA.

 

Having done none of these transactions, no From 8606 is to be present in your tax return.  Your last-filed Form 8606 is still current in its reporting of your basis in nondeductible traditional IRA contributions that carries forward.

View solution in original post

4 Replies
dmertz
Level 15

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

TurboTax is behaving correctly.  Per the IRS instructions for Form 8606, Form 8606 is only to be included in your tax return if you have made a nondeductible traditional IRA contribution for the year or during the year you have made a regular traditional IRA distribution involving basis in nondeductible traditional IRA contributions, you have done a Roth conversion, or you made a nonqualified distribution from a Roth IRA.

 

Having done none of these transactions, no From 8606 is to be present in your tax return.  Your last-filed Form 8606 is still current in its reporting of your basis in nondeductible traditional IRA contributions that carries forward.

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

Thanks, glad to hear that one of my issues which I thought was a problem is apparently a non-issue (not sure why my prior accountant inserted this 8606 annually solely to re-report my cost basis). Now I just need to get some resolution on my other issue so I can make sure I am filing my taxes accurately before I push the button to file.

dmertz
Level 15

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

Also note that the IRS instructions say to retain copies of all Forms 8606 that you have ever filed.

Turbotax bug - Traditional IRA Cost Basis reporting with no contribution in current year not allowing me to generate 8606 for this purpose

This is kind of funny / over burdensome, because I don't have my paper tax returns from 30+ years ago when I made those contributions and most certainly won't have those in another 20+ years when I retire.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies