Form 8606 - Entering IRAs in Program

Form 8606 Nondeductible IRAs 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:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Retirement Plan Income in the Federal Quick Q&A Topics menu to expand, then click Taxpayer/Spouse Nondeductible IRAs (Form 8606).
  3. Continue with the interview process to enter all of the appropriate information.

You may also access the Form 8606 Q&A screens by clicking Continue from the screen titled Form 1099-R - Summary.

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 Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. entries and/or the information entered for nondeductible traditional IRA contributions.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.