Question

For the last 23 years I just realized Turbo Tax has not been filling out form 8606 for me, only the IRA tax worksheet

Forum|Forum|5 years ago
January 13, 2021
1 reply
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I withdrew some money from my Roth IRA and Im trying to fill out the 8606 form. Its asking me for numbers from previous 8606 forms. but all i have are the IRA tax worksheets that keep track of my basis. Is there a way to figure out which lines on the worksheet correspond to the correct lines on the form 8606?

macuser_22

Employee

Only non-qualified Roth distribution require the 8606. What is the code in box 7 on your 1099-R?

Is the IRA/SEP/SIMPLE box checked? If it is then this is NOT a Roth distribution.

**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.**

J

john14verse6Author

ahhh......so since I have never taken out of my Roth IRA before, Ive never been required to file 8606.

The only reason I got an 8606 was because I converted my traditional IRA to a Roth in 1998. I paid the taxes out over 4 years. I just want to understand what basis is. On my worksheet, Turbo Tax has been recording the same number each year......in my case $40,127. Its on the line that says "Cumulative pre xxx year conversions-taxable and non taxable". im guessing that this $40,127 is my basis? Therefore since I withdrew $40,000, none of it would be taxable?