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Get your taxes done using TurboTax
Thanks for the response.
Yes, the Traditional IRA balance was $0 on December 31, 2022.
This is what I am doing:
- Start on "Deductions & Credits".
- Next to "Traditional & Roth IRA Contributions", clicked "Edit".
- On "Traditional IRA and Roth IRA", ticked "Traditional IRA" and clicked "Continue".
- On "Did you Contribute To a Traditional IRA?", clicked "Yes".
- On "Is This a Repayment of a Retirement Distribution?", clicked "No".
- On "Tell Us How Much You Contributed", entered "5990" and clicked "Continue".
- On "Did You Change Your Mind?", clicked "No".
- On "Retirement Plan Coverage?", clicked "No".
- On "Any Excess IRA Contributions Before 2022?", clicked "No".
- On "Any Nondeductible Contributions to Your IRA?", clicked "No". (This seems to only pertain to 2021 and prior years - not 2022.)
- On "Tell Us the Value of All Your Traditional IRA Accounts", entered "0" into "Value of your Traditional IRAs on December 31, 2022" and clicked "Continue".
- On "Your IRA Contribution Isn't Permitted", clicked "Continue".
- On "You Currently Have a Penalty", entered "0" into "Excess Contribution Withdrawn Before Due Date of Your Return" and clicked "Continue".
- On "You Have an Excess Roth Contribution", clicked "Continue".
- On "You Currently Have a Penalty" [for the Roth], entered "5990" into "Contribution Withdrawn Before Due Date of Your Return" and clicked "Continue".
- On "Your IRA Deduction Summary", clicked "Continue".
At this point the software is assessing the 6% excise tax on the Traditional IRA. Not sure how to make it understand it was a backdoor Roth conversion even though the initial contribution was disallowed.
‎February 26, 2023
9:27 AM