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February 22, 2025
Question

Form 8606

  • February 22, 2025
  • 1 reply
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My husband and I both have traditional IRA’s. We both made mandatory withdrawals in 2024. I made after tax contributions to my IRA for many years. My husband did not. I filed form 8606 each year to report my contributions. I know I need to file form 8606 to report my withdrawal and figure the taxable portion. I assume I only report the 12/31 value of my IRA’s on my form 8606. However, on a joint return, do I report the 12/31 value of my husband’s IRA anywhere?  

    1 reply

    February 22, 2025

    No, if your husband doesn't have a basis and isn't required to file Form 8606 then he doesn't need to enter the value of his IRAs on 12/31 anywhere in TurboTax.

     

    Yes, you will report the 12/31 value of your IRA’s on your Form 8606.

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