Where do I enter Nondeductible IRAs (Form 8606)?
Form 8606 will automatically be included with your return if you made nondeductible traditional IRA contributions OR if you received a traditional IRA distribution that was not fully taxable. Check your prior year return to see if you already have a Form 8606.
This form can be generated in a couple places. After entering a 1099-R with a traditional distribution, you'll be asked if you ever made a nondeductible traditional IRA contribution in a prior year. If so, you will be asked more questions about the basis and value you had in the account to determine the correct amount.
Menu Path: Income > Common Income > Retirement Income (1099-R)
You can also enter contributions in one of the following places that will ask about your basis and value.
Menu Path: Deductions/Credits > Common Deductions/Credits > IRA Contributions
Menu Path: Deductions/Credits > Common Deductions/Credits > SEP Contributions
How do I know if I had nondeductible traditional IRA Contributions in a prior year?
This form can be generated in a couple places. After entering a 1099-R with a traditional distribution, you'll be asked if you ever made a nondeductible traditional IRA contribution in a prior year. If so, you will be asked more questions about the basis and value you had in the account to determine the correct amount.
Menu Path: Income > Common Income > Retirement Income (1099-R)
You can also enter contributions in one of the following places that will ask about your basis and value.
Menu Path: Deductions/Credits > Common Deductions/Credits > IRA Contributions
Menu Path: Deductions/Credits > Common Deductions/Credits > SEP Contributions
How do I know if I had nondeductible traditional IRA Contributions in a prior year?
