Client took a distribution from a non deductible IRA. He contributed the money back in 2005 thru 2007, Basis $8000. Took the total IRA valued at $16644. The 1099R shows 16644 total, 16644 Taxable, with code 7. Form 8606 has been filed in previous years, showing the 8000. How do I show this in Lacerte, so that he is not taxed on the whole thing?
Screen 24 Form 8606 (Part I) should already have the IRA basis for 2017 and earlier years. ($8,000)
Screen 13 Form 8606 in the lower left Section - be sure to enter the Value of alll.... as on 12/31/18. (Use -1 for Zero, if appropriate)
Assume they ONLY had that one non deductible IRA, the $8,644 should show up as the taxable portion.
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