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- 1099-R and form 8606
1099-R and form 8606
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camillaSC
Level 1
9 hours ago
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Client has a distribution from SEP-IRA which he is converting to a Roth IRA. He has a deductible contribution to a regular IRA. ProSeries takes amount from form 1099-R to form 8606 and computes a portion as non taxable. I had to override to be 100% taxable. talked to three different people at Pro Series. No one knows how to get this to work without overrides. any ideas??
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TaxGuyBill
Level 15
8 hours ago
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I think the program is doing that part correctly. Look at Worksheet 1-1 in Publication 590-B, and pay particular note about line 2.
https://www.irs.gov/publications/p590b#en_US_2023_publink100090434
Although the deduction for the current year IRA may be altered (but I would need to double check that).
