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taxable ira distribution NOT CALCULATING when IRA has basis

kwiatkowski408
Level 1

Taxable portion of IRA distribution is not being calculated when IRA basis is entered on 8606

Is this year's program different than last years?

 

anything special I should check to figure why progam is not calculating.  It is showing entire distribution as not taxable, which is incorrect.

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6 Replies 6
sjrcpa
Level 15

You need to enter the 12/31/20 FMV of all IRAs.


ex-AllStar
kwiatkowski408
Level 1

I had already done that prior to your suggestion.

It is not CALCULATING.

thanks for your response...any other suggestions.

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Terry53029
Level 12
Level 12

ProSeries is a little quirky with IRA's. Just put basis on line 12 of the IRA basis worksheet, and no other entries anywhere else. do not use 8606 

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TaxGuyBill
Level 15

Yeah, there are some significant errors.

One user posted that a Roth IRA is not being taxed, even with $0 of Basis.  I replicated and confirmed that.

Another user posted that a Traditional IRA was not being taxed.  It was working fine for me.

I just tested your scenario, a Traditional IRA with $1 of Basis.  As you pointed out, it is not taxing any of it.

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chasetax
Level 7

mine looks ok

ira info worksheet  part iii line 12 and part iv line 18

maybe 'refresh' updates???

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Phelantaxes
Level 1

I have the same issue with my personal return where it properly calculated the taxable portion of an IRA distribution and the return has been efiled with the correct figures.  Now when I open the return, the results have changed with none of the distribution showing as taxable.  No changes had been made.  I suspect a recent update to the program has an issue.

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