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
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Thank you for your help - I figured out my problem. Gotta check the appropriate boxes!!!!
I think you'll only get an 8606 if there's a current year non-deductible contribution (or one of many other sections triggered).
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.
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.
Thank you for your help - I figured out my problem. Gotta check the appropriate boxes!!!!
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