9 Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had nondeductible contributions before this tax year
10 Enter your basis in the Traditional IRA from your 2021 Form 8606 line 14 (if you had a basis in the prior year)
11 On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (if you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible).
I dont have form 8606. I have also dont have any Traditional IRAs that I track.
Are the above question to be expected or only if they apply to me.
Also , the guide that I've mentioned prior talked about checking the actual forms like so:
To check the results of your backdoor Roth IRA conversion, see your Form 1040:
- Select Forms from the menu
- Select Form 1040 from the menu
- Use the scroll bar to find:
- Line 4a IRA Distributions. Your backdoor Roth IRA amount should be listed
- Line 4b Taxable amount should be zero, unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to a Roth IRA
- Select Schedule 1 from the menu
- Line 20 IRA deduction should be blank
Does this still needs to be done? Seems like there are differences in guides but old one is still online.
thank you
