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Question

How to correct the 8606 which turbotax did incorrectly?

Forum|Forum|5 years ago
March 6, 2021
2 replies
0 views

CARES allowed us to take less than the total required RMD which we did as reflected on our 1099s. However, the total RMD we would have taken is used on the 8606. They should correct this.

TurboTax Premier Online

Just answer the question differently. Since the RMD was not required for 2020, you can say that you did not take it.

I went back and stated that neither my wife or myself did not take any RMD from our IRAs. It did not do anything to change the tax to be refunded - $5,584.

What do I do next? When I log into TT, I get the message that my Federal (and State) has been rejected. It states that my new refund should be $5,071.

It seems that the our Form 8606s are incorrect. On line 7 they show the total of the RMDs that we 'could' have taken. $22,068 and $31,604 However, we only took about 1/3 of that amount. And those are the amounts that show when I review my IRA, 401(k), Pension Plan Withdrawals (1099-R) . The values are $7,047.32 and $9,005.45.

So who is going to correct 8606 forms? TurboTax who made the mistake or me?

Employee

form 8606 can't "know" what your RMD would have been.

You must have entered those amounts.

Enter the actual amounts of distribution as reported on your 1099-R document(s).

Use the EDIT/UPDATE button to make changes.

Don't file an incorrect tax return.

i have not submitted return yet. turbotax did not make mistake I did. I can pull form 8606 but cannot edit help