How to enter basis from Form 8606 to offset this years rmd

Forum|Forum|2 years ago
February 14, 2024
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This is my first year that I have an RMD from my retirement accounts. How do I enter the basis of my non-deductible IRA from Form 8606 so that I can offset the taxes on this years retirement distributions. My Turbo Tax program is not giving me any prompts where I can list the basis from Form 8606.

TurboTax Self Employed Online

Best answer by dmertz

TurboTax will ask about your basis only if you have entered a Form 1099-R that reports a distribution to you from a traditional IRA, indicated by the IRA/SEP/SIMPLE box being marked on the Form 1099-R provided by the payer. Make sure that the marking of this box on the form in TurboTax agrees with the marking of the form provided by the payer. Also, make sure that you have indicted the correct spouse as the recipient of the Form 1099-R.

dmertz

Employee

To reach the necessary pages in TurboTax, click the Continue button on the page that lists the Forms 1099-R that you have entered. Answer Yes when TurboTax asks if you made nondeductible contributions to your traditional IRA.

AnishkaAuthor

Thank you for your reply. I followed your suggestion and the program did ask me about my spouse's 8606 Basis. However, the program never prompted me about my 8606 Basis. I am not sure how I can enter my Form 8606 non-deductible Basis. Any ideas would be appreciated. Thank you.