Roth IRA conversion & Form 8606

Forum|Forum|5 years ago
March 16, 2021
3 replies
23 views

Retired couple in their late 70's, made a $40K Roth IRA conversion from Traditional IRA.

Fidelity sent them a letter seeing they must file Form 8606 (Nondeductible IRA).

When I go to Form 8606 Part II line 16 is blank, when I click on it takes me to the 1099R.

My question is why line 16 on Form 8606 is blank?

ProSeries Basic

This topic has been closed for replies.

qbteachmt

Level 15

You fill in the info from the 1099-R. Then, you use the Form 8606 for the details that apply.

And this cannot exist: "Retired couple in their late 70's, made a $40K Roth IRA conversion from Traditional IRA."

There is One Account Owner. That is who you are working on for this task. That one person: taxpayer or spouse.

Don't yell at us; we're volunteers

K

khorshedAuthor

Level 5

Thank you, The question's I filled out 1099R worksheet why Form 8606 is not populated.

You're absolutely correct, it's the taxpayer not the spouse.

Thank you again

qbteachmt

Level 15

"why Form 8606 is not populated"

Once you fill in the 1099-R, you need to also indicate that this was converted and not simply kept as a distribution. Or, if the 1099-R code is Direct Transfer, that still means the sending entity might not code it as Conversion; they code it for the money Out, and not what is happening at the receiving end.

Don't yell at us; we're volunteers

Sign up

Login with SSO

Let's get you signed in

Login with SSO