Contributions to a Roth IRA are not deductible, so these amounts are not reported on the tax return, and qualified distributions (distributions that are a return of contributions) are not taxable. Form 8606 can be used to track the taxpayer's basis in the IRA.
To access Form 8606 in TaxSlayer ProWeb, from the Federal Section of the tax return select:
- Deductions
- Adjustments
- Nondeductible IRAs Form 8606 - Distributions from Roth IRAs
Additional Information: