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Form 8606T

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Level 2

I have completed the IRA Information sheet to carryover IRA basis.  However, when I open the Form 8606T it does not populate the lines with appropriate amounts.  Is anyone having this problem or any idea on how to fix it?  Thank you

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Level 2

Thank you for your help - I figured out my problem.  Gotta check the appropriate boxes!!!!

 

 

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4 Replies 4
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Level 10

I think you'll only get an 8606 if there's a current year non-deductible contribution (or one of many other sections triggered).

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Level 2

But if you have nondeductible IRA basis from earlier years; isn't it to be used while annual IRA distributions are made in order to recapture part of the IRA as nontaxable?  In the past, I've entered carryover basis and the year end value and a percentage of carryover basis generated a portion of the current year IRA distribution as nontaxable.

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Level 10

Yes.  Check your 1099-R Wks and make sure you checked the IRA box.  Also make sure it's marked as taxpayer.  Sometimes ProSeries gets wonky with 1099-R forms so if you're still stumped, try deleting the form and recreating it from scratch.

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Level 2

Thank you for your help - I figured out my problem.  Gotta check the appropriate boxes!!!!

 

 

View solution in original post