AnnetteB6
Expert Alumni

Get your taxes done using TurboTax

For the 2023 tax return, all you need to report is the 2023 non-deductible Traditional IRA contribution of $6500.  Everything else will be reported on the 2024 tax return.

 

In 2024, you will report the 2024 non-deductible Traditional IRA contribution of $7000 and enter the information from Form 1099-R that will be issued to you in January 2025.  The Form 1099-R will show the total distribution amount including the income that was earned.  After you enter the Form 1099-R and indicate that the distribution was converted to a Roth IRA, only the income amount will be taxable.

 

Here are the step by step instructions for reporting a back door Roth IRA conversion in TurboTax.  Only complete step 1 for your 2023 tax return.

 

How do I enter a backdoor Roth IRA conversion?
 

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