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Sam55
Level 3
October 7, 2024
Question

Line 6 on Form 8606

  • October 7, 2024
  • 1 reply
  • 14 views

In Proconnect Tax, where can you enter the fair market value of a traditional IRA account so that this number flows to line 6 of Form 8606, Part I? Client made a nondeductible traditional IRA contribution, so we are filing Form 8606.

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    1 reply

    George4Tacks
    George4Tacks
    Level 15
    October 7, 2024

    Income > Pensions, IRAs (1099-R)> look for some tabs across the top and find Form 8606, 

    Answers are easy. Questions are hard!
      S
      Sam55Author
      Level 3
      October 7, 2024

      I've tried multiple inputs and nothing will get the fair market value to flow to the 8606 and show up on the 8606 form. Line 6 shows zero no matter what amount I enter, which is incorrect.

      sjrcpa
      sjrcpa
      Level 15
      October 7, 2024

      Did they actually take an IRA distribution and have IRA basis and the FMV is needed to compute the taxable amount?

      Or do you just want the FMV to appear there?

      The more I know the more I don’t know.
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