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Entering IRA basis and year-end value
by Intuit• Updated 2 months ago
When there's a 1099-R for an IRA entered into the tax return, the taxable amount of the distribution is calculated on From 8606 but the basis needs to be entered for the calculation to be correct.
Entering the IRA basis:
- Press F6 to open the list of all forms.
- Type in "IRA I" to highlight the IRA Info Wks.
- Press Enter.
- Enter any traditional basis in Part III for the taxpayer or spouse.
- Enter traditional IRA year-end values in Part IV for the taxpayer and spouse.
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