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February 12, 2025
Question

How do I enter prior year basis in form 8606, there seems to be no way to do that through the Q& A.

  • February 12, 2025
  • 2 replies
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    2 replies

    February 14, 2025

    You have two options to enter your prior year basis from your last filed Form 8606 line 14.

     

    In the IRA contribution interview:

     

    1. Login to your TurboTax Account 
    2. Click on "Search" on the top right and type “IRA contributions” 
    3. Click on “Jump to IRA contributions"
    4. Select “traditional IRA
    5. Answer “No” to “Is This a Repayment of a Retirement Distribution?
    6. Enter the amount you contributed
    7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
    8. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year.
    9. Enter your basis in the Traditional IRA from your last filed Form 8606 line 14

     

     

    In the retirement section after you enter your Form 1099-R (make sure the the "IRA/ SEP/ SIMPLE" box is checked):

     

    1. Login to your TurboTax Account 
    2. Click on the Search box on the top and type “1099-R” 
    3. Click on “Jump to 1099-R” and you should see the “Review your 1099-R info​​​​​​​” screen
    4.  Click "continue" and continue through the questions.
    5. Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
    6. Answer the questions about the basis

     

     

     

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    February 14, 2025

    The only option when I went through the interview was to enter a non-deductible portion for the year 2024.

     

    It also didn't ask for my spouse whose entire 2024 contribution was non-deductible, and who also has a past basis in non-deductible contributions from before 2024.

     

    Has the interview process been altered or fixed? This will be a recurring problem with TurboTax if you're not allowed to bring in past contributions, the 8606 amounts will always be wrong.

    February 15, 2025

    TurboTax is aware of the missing screen to enter the prior year basis, please see Why is my backdoor Roth IRA conversion being taxed? to sign up to be notified with any updates.

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    CatinaT1
    February 24, 2025

    Here is an FAQ where you can sign up for updates: Why am I unable to report my 2023 for 8606 basis?

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    March 7, 2025

    Is there any updates on this? it's been weeks since this FAQ was posted and I signed up for an update on this. 

    March 8, 2025

    We are still working on the issue. Please make sure you sign up for updates in the link CatinaT1 posted: Why am I unable to report my 2023 for 8606 basis?

     

    @michinori-kaneko 

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