Can't find a way to correct IRA basis and FMV after entering 1099-R
I have basis in my IRA from contributions made many years ago. When entering 1099-R for IRA distribution this year, I erred entering the basis amount and FMV data. The Form 8606 was automatically calculated with this misinformation.
I cannot find a way to go back to correct the basis and FMV values.
I have deleted the 1099-R and re-entered it but the questions for basis and FMV are not asked again. The Form 8606 re-generates with the old basis and FMV data.
I need a way for the old data to be removed or corrected.
Any suggestions other than creating a new account would be appreciated.
Best Answers
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User error again. Deleting 1099-R and logging out before re-entering the 1099-R the non-deductible dialogue appears again. Sorry for the bother.
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Hello,
I’m glad you were able to figure it out. If a page you previously saw isn’t appearing, deleting the form and then re-entering it can trigger the screen again.
In this case, the IRA basis questions (if they apply) will appear again after you enter your 1099-Rs by going to Income -> Retirement Income. Do not click Edit next to the 1099-Rs you have already entered.
Click Save and Continue. It should ask you (You might need to click on Save and Continue a couple of times) about Prior Year IRA contributions and if you ever had any non-deductible IRA contributions. If you say Yes to that question, the next page should ask you about your Traditional IRA Basis and Value.
If you do not see it, you may want to check to see if the IRA box is checked in our software.
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Answers
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Thank you for your response. Upon reflection I believe my issue was entirely a user error. I believe I was expecting all questions regarding the 1099-R distribution would be asked in sequence. There are three of them that are (is this an inherited IRA, any rollover, etc.) However, I now realize the prior basis and FMV questions are not accessed until the user scrolls to the bottom and hits "continue", rather than simply being asked in order.
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Hi JimG,
So glad to hear you were able to resolve the issue and move forward on your tax return.
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I have the same issue. When entering my 1099-R that was related to a Roth Conversion, I initially put in the wrong basis value for the IRA. I need to update it but can't figure out how to do so. I tried deleting the 1099-R, logging out, and re-entering the 1099-R but the question about cost basis was not asked again. How can how update the cost basis? Thanks.
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Cliff, my situation was that I didn't recognize that the question about prior year non-deductible contribution and FMV occur after all the 1099-R forms are completely entered and questions about rollover amounts, inheritance, etc are answered. You'll need to completely answer all of those and you'll end up on a screen with the summary of 1099-R's entered. The title and prompt say:
Your Retirement Income (Form 1099-R)Listed below are the 1099-Rs you've already entered.
at the very bottom of this screen there is a Continue button. Go ahead and continue. The next screen is
Prior Year IRA ContributionsHas <individual's name> ever had a nondeductible traditional IRA contribution on any prior year tax return? (not common)
Yes No
Hit Yes and then the "Save and Continue" at the bottom. That will get you to where you want to be.
It is just that they ask about FMV after all your 1099-Rs are completed since FMV needs to be based on the total of all the individual's separate 1099-R's (in my case I had a couple separate IRA accounts.)
I hope this helps.
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It did help - thanks
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Hello everyone,
I'm glad you were able to figure out how to correct your IRA basis. Also, contacting customer support directly is usually a great way to go to figure out where something is or where an error may be within your return. They can see your specific account and what you have entered.0
