Answered: How do I prepare two separate 8606 forms where a person has a cost basis in their IRA and a different cost basis (even if zero) in an inherited IRA?

Gator · ‎06-09-2020

rbynaker · ‎06-09-2020

As far as I know, ProSeries still does not support this. That said, what am I missing, why do you need an 8606 for an IRA without basis? You should be able to scroll down on the 1099-Wks and mark that the IRA was inherited.

Rick

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Accountant-Man · ‎06-09-2020

I bet that you can't. Only one 8606 is allowed per taxpayer or spouse.

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qbteachmt · ‎06-09-2020

Taxable distribution against basis is already an aggregate %. You don't need to separate by account.

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rbynaker · ‎06-09-2020

As far as I know, ProSeries still does not support this. That said, what am I missing, why do you need an 8606 for an IRA without basis? You should be able to scroll down on the 1099-Wks and mark that the IRA was inherited.

Rick

How do I prepare two separate 8606 forms where a person has a cost basis in their IRA and a different cost basis (even if zero) in an inherited IRA?

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