We'll automatically generate and fill out Form 8606 (Nondeductible IRAs) if you reported any of these on your tax return: Nondeductible contributions made to a traditional IRA Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions) Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions)However, if any of these 3 situations apply to you: You received a distribution from an inherited traditional IRA that had nondeductible contributions You transferred an inherited plan account to a Roth IRA You received a distribution from an inherited Roth IRA that was not a qualified distributionthen you'll have to download and print Form 8606, manually fill it out (instructions), and print and file your return, as you won't be able to e-file. To trigger the 8606 in TurboTaxFor the 4 situations listed at the top of this article, you can trigger Form 8606 with these instructions: Open your return if it isn't already open. Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions Select the Jump to link in the search results. Proceed through the IRA section, answering questions as you go. When you reach the screen Any nondeductible contributions to [taxpayer's] IRA? answer Yes, then continue. We'll generate and fill out the 8606 behind the scenes.Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse." Related Information: Where do I enter my Traditional or Roth IRA? Where do I enter my SEP IRA contributions? What are Traditional IRA to Roth IRA conversions?

Question

How can I enter the 2019 value of my IRA on Form 8606?

Forum|Forum|6 years ago
March 6, 2020
2 replies
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TurboTax Premier Online

DawnC

Employee

We'll automatically generate and fill out Form 8606 (Nondeductible IRAs) if you reported any of these on your tax return:

Nondeductible contributions made to a traditional IRA
Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions)
Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA
Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions)

However, if any of these 3 situations apply to you:

You received a distribution from an inherited traditional IRA that had nondeductible contributions
You transferred an inherited plan account to a Roth IRA
You received a distribution from an inherited Roth IRA that was not a qualified distribution

then you'll have to download and print Form 8606, manually fill it out (instructions), and print and file your return, as you won't be able to e-file.

To trigger the 8606 in TurboTax

For the 4 situations listed at the top of this article, you can trigger Form 8606 with these instructions:

Open your return if it isn't already open.
Inside TurboTax, search for this exact phrase, including the comma: 8606, nondeductible ira contributions
Select the Jump to link in the search results.
Proceed through the IRA section, answering questions as you go.
When you reach the screen Any nondeductible contributions to [taxpayer's] IRA? answer Yes, then continue. We'll generate and fill out the 8606 behind the scenes.

Tip: On joint returns, 8606-T stands for "taxpayer" (first person listed on the return) and 8606-S denotes "spouse."

Related Information:

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C

catlvrAuthor

After spending hours on this, I think the fact is you can not enter values manually onto the 8606 form on the on line version, but you can on the downloaded version. I printed out the whole return in which part of the 8606 was wrong then whited out the bad parts and filled out the form by hand with a pen. I also had to do the same on the 1040. I then sent the thing in snail mail style. Turbo Tax was of no help in this.

macuser_22

Employee

You do not entered it directly on then 8606 form.

It is entered this way:Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2019.

That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.

The year end value you entered will be on line 6.

**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.**

H

hattywu33

Thank you for the answer, it is very helpful!

My situation is similar here but different - I've e-filed for 2019, and just completed a conversion so now I need to file an amendment for 2019. Do I need to wait for the 1099-R to amend or is there a way to amend in Turbotax without a 1099-R?

macuser_22

Employee

@hattywu33 wrote:

Thank you for the answer, it is very helpful!

My situation is similar here but different - I've e-filed for 2019, and just completed a conversion so now I need to file an amendment for 2019. Do I need to wait for the 1099-R to amend or is there a way to amend in Turbotax without a 1099-R?

What do you mean by "just"?

If the conversion was after January 1, 2020 the it can only be reported on your 2020 tax return a year from now and you will receive the 1099-R in January of 2021.

**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.**

X

xdye

I did the conversion from traditional IRA to Roth IRA in 2019 and I forgot to include the 8606 form when e-filed 2019 tax form. Do I now have to download 8606 form and mail it to IRS or I can still file it through turbotax? Thanks