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Our2boys
Level 2
February 11, 2021
Question

How do I prevent a taxable IRA distribution from flowing to the 8606?

  • February 11, 2021
  • 9 replies
  • 41 views

How do I prevent a taxable IRA distribution from flowing to the 8606?

Taxes were taken out and we want to pay it this year..why is it reverting to the 8606 at 100% non taxable....would they then have to pay it over the next few years? Don't want to. Is there an override to it flowing to the 8606?

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9 replies

clr600
clr600
Level 7
February 11, 2021

Probably to check to see if there is a basis in the IRA

    Our2boysAuthor
    Level 2
    February 11, 2021

    There is and it's there.

    dkh
    dkh
    Level 15
    February 11, 2021

    I think you need to review your entries on Form 1099-R    

      Our2boysAuthor
      Level 2
      February 11, 2021

      I have 5 times over. Could it have anything to do with the covid mess?

      sjrcpa
      sjrcpa
      Level 15
      February 11, 2021

      If there's basis in the IRAs you don't have a choice.

      The more I know the more I don’t know.
      sjrcpa
      sjrcpa
      Level 15
      February 11, 2021

      Make sure you enter the 12/31/20 value of all IRAs on the 8606, too. That will get rid of the 100% nontaxable part.

      The more I know the more I don’t know.
      Our2boysAuthor
      Level 2
      February 11, 2021

      That dropped the % to.86988 BUT none of it is non-deductible contributions??

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