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

[pete007]

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.

[dmertz · Accepted solution]

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.

[pete007]

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]

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

[pete007]

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.