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IRA Form 8606

MMG
Level 1

How do I get line 7 of form 8606 to populate with an IRA distribution?

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7 Replies 7
qbteachmt
Level 15

By having an event that makes it reportable on that form; not everything is reportable on that form.

"Basically, you must file Form 8606 for every year you contribute after-tax amounts (non-deductible contributions) to your traditional IRA. Conversions from traditional, SEP, or SIMPLE IRAs must also be reported on Form 8606. Additionally, you must file the form every year you receive a distribution from your Roth IRA or your traditional IRA if you ever previously contributed after-tax amounts. "

Lacerte help article: https://proconnect.intuit.com/community/individual/help/individual-form-1099-r-frequently-asked-ques...

 

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MMG
Level 1

Thanks for the reply. I have a reportable event. My issue is it's not showing up on that line because I don't know where to enter the data in the detail screen so that it will poplulate on the form.

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qbteachmt
Level 15

"My issue is it's not showing up on that line"

It, what? What is "it?" What is on the 1099-R? What happened next? What are the facts and circumstances? What are the details that matter, such as taxpayer's age, type of account, job loss?

And did you read that article I linked?

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PKCPAMST
Level 4

Form 8606, Part I is used when the taxpayer  -

1. Made nondeductible contributions to a traditional IRA for 2020,or/and

2. Made nondeductible contributions to a traditional IRA in 2020 or an earlier year AND took distributions from a traditional, SEP, or SIMPLE IRA in 2020, or/and

3. Made nondeductible contributions to a traditional IRA in 2020 or an earlier year AND converted part of traditional, SEP, or SIMPLE IRAs to Roth IRAs in 2020.

Enter relevant information in Screen 24 in Section Traditional IRA under Form 8606 (Part I) prompts, and Form 8606, Part I, Line 7 will populate.

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bgallaghercpa
Level 2

Did you ever get a satisfactory answer to your question?  I'm having the same issue.  No matter where I enter the information about the IRA distribution and subsequent Roth conversion of the nondeductible contribution, I still can't get lines 7 & 8 of form 8606 to populate.  If you were able to figure out can you post the solution?

Thanks

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qbteachmt
Level 15

Here is your Help article:

https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/form-8606-is-not-...

 

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qbteachmt
Level 15

"No matter where I enter the information about the IRA distribution and subsequent Roth conversion of the nondeductible contribution, I still can't get lines 7 & 8 of form 8606 to populate."

Conversion? That specifically doesn't go on Line 7.

"Don’t include any of the following on line 7.

  • Distributions that you converted to a Roth IRA."

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