Solved

Made an excess contribution to my IRA account April 2017. Did not deduct on my 2016 return--plan to list as a non-deductible IRA contribution for 2017. Form 8606 only?

Forum|Forum|7 years ago
June 5, 2019
3 replies
0 views

Is there anything else I need to do besides fill out Form 8606? Where do I enter this on TurboTax?

TurboTax Premier Windows

Best answer by macuser_22

The 8606 is automatically created when a Traditional IRA contribution is entered in the IRA contribution interview section and is either non-deductible because of high income phase out or manually made non-deductible by answering the interview questions.

It is not necessary to amend to report a non-deductible Traditional IRA contribution since the 8606 can be filed by itself if it was not part of your tax return.

Enter the 2016 contribution on line 1.
If you had any other carry-over nondeductible basis from previous years enter that on line 2.
Put the total of lines 1 & 2 on line 3 & 14.

You can download the form and instructions from the IRS.
Form: https://www.irs.gov/pub/irs-pdf/f8606.pdf
Instructions: https://www.irs.gov/pub/irs-pdf/i8606.pdf
Where to mail: https://www.irs.gov/uac/where-to-file-paper-tax-returns-with-or-without-a-payment

macuser_22

Employee

Excess to what? A Roth IRA because of high income?

**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.**

C

cbr3711Author

Excess due to high income (bonus for that year). The contribution was to a rollover IRA

macuser_22Answer

Employee

The 8606 is automatically created when a Traditional IRA contribution is entered in the IRA contribution interview section and is either non-deductible because of high income phase out or manually made non-deductible by answering the interview questions.

It is not necessary to amend to report a non-deductible Traditional IRA contribution since the 8606 can be filed by itself if it was not part of your tax return.

Enter the 2016 contribution on line 1.
If you had any other carry-over nondeductible basis from previous years enter that on line 2.
Put the total of lines 1 & 2 on line 3 & 14.

You can download the form and instructions from the IRS.
Form: https://www.irs.gov/pub/irs-pdf/f8606.pdf
Instructions: https://www.irs.gov/pub/irs-pdf/i8606.pdf
Where to mail: https://www.irs.gov/uac/where-to-file-paper-tax-returns-with-or-without-a-payment

**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.**