Question

How do I get Turbo Tax to generate form 8086, when their instructions didn't work?

Forum|Forum|5 years ago
September 23, 2020
3 replies
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This is my first year using Turbo Tax for my father's return, and he has been filling out Form 8086 for the last 3 years, and needs to continue. It's not about contributions, but something else.

TurboTax Premier Online

Critter-3

Do you mean 8606 ?

If so it is auto generated if you make a non deductible contribution or take a distribution from the IRA and you have non deductible contributions to be reported. Follow the interview screens in the 1099-R entry section to enter in the prior year 8606 information.

8606-1.png8606-2.png

macuser_22

Employee

8086 or 8606?

What else?

You don't normally enter a 8606 itself. It is automatically created when:

1) You make a new non-deductible Traditional IRA contribution.
2) You take a distribution from a IRA that has a after-tax "basis".
3) You make a conversion of a retirement account to a Roth IRA

If none of those occurred, then the last filed 8606 remains in effect

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Critter-3

Because an 8606 is not always required it is wise to print one off your return and keep it with the IRA paperwork because if you don't remember to use the 8606 the IRS will not help you... they like when people voluntarily pay their taxes twice. And if the IRA owner passes the beneficiary gets to use the unrecaptured non deductible amount on their tax return ... so it is very important to keep a copy with your important papers not just buried in a return.

D

dbculbreth

I already have 8606 forms (one for me and one for my wife) from 2020 but made additional after tax contributions in 2022 to my wife's traditional IRA as well as my IRA. How do I generate a new 8606 form with updates totals?

macuser_22

Employee

@dbculbreth wrote:

I already have 8606 forms (one for me and one for my wife) from 2020 but made additional after tax contributions in 2022 to my wife's traditional IRA as well as my IRA. How do I generate a new 8606 form with updates totals?

Contributions made in 2022 have no effect on a 2020 8606.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**