IRS Form 8606 is used to report:
- Nondeductible contributions you made to traditional IRAs
- Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs;
- Transfers of all or part of traditional, SEP, or SIMPLE IRAs to spouse (in case of divorce or separation) where the transfer resulted in a change in basis;
- Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs; and
- Distributions from Roth IRAs.
For additional information see the IRS Instructions for Form 8606.
To enter, review, or delete information for Form 8606:
- From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click Retirement Plan Income in the Federal Quick Q&A Topics menu to expand the category and then click [Taxpayer or Spouse] Nondeductible IRAs (Form 8606)
- The program will proceed with the interview questions for you to enter or review the appropriate information
You may also access the Form 8606 Q&A screens by clicking Continue from the Form 1099-R - Summary screen.
Note: The TaxAct program will only prompt the Form 8606 Q&A screens applicable in your situation, based on your previous entries. If you are not able to access the Form 8606 Q&A screens, you may need to review your Form 1099-R entries and/or the information entered for nondeductible traditional IRA contributions.