I want to continue tracking my roth IRA basis in 8606. I have tracked this in lines 22 and 24, but it is not populating. How do I populate these fields in the 8606?

Forum|Forum|1 year ago
September 27, 2024
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I have tried populating the IRA information worksheet but it is not working. I have historical conversions (line 24 which includes 2023 conversions) and separate roth ira contributions (line 22) which need to be tracked separately. It is populating correctly in part 2 of the roth IRA worksheet, but not on the 8606. How do I get this to populate? Previously accountants have populated these fields to track these bases for me.

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Best answer by dmertz

Part III of Form 8606 is only to be used for reporting nonqualified distributions from Roth IRAs. Absent such a distribution, Part III is to be blank.

As Opus 17 said, tracking Roth IRA basis is your responsibility. TurboTax helps you with this by maintaining the details on the IRA Information Worksheet and only uses that information when necessary to prepare Form 8606 to report nonqualified Roth IRA distributions.

Opus 17

Employee

Form 8606 does not keep track of the basis of your Roth IRA year over year. There is no tax form that does this, you have to keep track using your own reliable records. If you have distributions from a Roth IRA, you calculate the taxability using contribution and conversion information from your own reliable records.

dmertzAnswer

Employee

Part III of Form 8606 is only to be used for reporting nonqualified distributions from Roth IRAs. Absent such a distribution, Part III is to be blank.