Saturday, April 12, 2014

TurboTax 2011 and 2012 and 8606 Total Basis

I just discovered that my 2011 and 2012 returns did not carry over my non-deductible IRA contribution cost-basis from previous years. I believe this is was caused by a bug in TurboTax from one or both years not remembering the 8606 from previous years (I use TurboTax every year and import data from the previous years).

At least that's my theory--and they seem to have fixed the bug in TurboTax 2013, because now it's suggesting the non-deductible portion of my contributions from 2012... which is why I discovered this.

Oh well, amended returns are fun...

TurboTax 2013 and the Gift Tax

If you were hoping to have TurboTax take care of helping you with a Gift Tax this year, or determining if you need to file it, it does not have this functionality:

You'll have to do it all yourself, using IRS form 709:

Maybe Intuit will add this next year?