Form 8606T

Forum|Forum|6 years ago
March 28, 2020
4 replies
28 views

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

ProSeries Professional

This topic has been closed for replies.

Best answer by TrumpJ

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

rbynaker

Level 13

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

TrumpJAuthor

Level 3

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.

rbynaker

Level 13

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.

Sign up

Login with SSO

Let's get you signed in

Login with SSO