Here's How to Enter a Back-Door Roth Conversion. It's a two-step process.
You’ll receive a Form 1099-R with code 2 in box 7 (or code 7 if your age is over 59 ½) in the year you make your Roth conversion. You should report your conversion for the year you receive this 1099-R:
- If you received this form in 2023, complete both steps to report it on your 2023 taxes.
- If you'll receive this form in 2024, wait to report it on your 2024 taxes. In this case, only complete Step 1 for your 2023 taxes. You’ll complete both steps next year when filing your taxes for 2024.
Form 8606 will be prepared for you in TurboTax as you go through the interview. Here's more info on Form 8606.
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