Hi there, here's what I'm dealing with:
- I make $176k (over the max for a normal Roth IRA)
- I contributed $7,000 to my backdoor Roth IRA in January 2025 for the 2024 tax year
- I was told by Vanguard that I won't be receiving a 1099-R, and instead I will need to file Form 8606
- TurboTax is not giving me the option to file Form 8606. It's saying my MAGI is too high.
Here are the exact steps I'm taking on TurboTax Online:
- Start the "Traditional and Roth IRA" section (under "Deductions and Credits")
- Select "Traditional IRA"
- Answer "No" to "Is This a Repayment of a Retirement Distribution?"
- Enter "7,000" in both fields for "Tell Us How Much You Contributed".
- Answer "No" to "Did You Change Your Mind?"
- Answer "No" to "Any Excess IRA Contributions Before 2024?"
- Enter "0" for "Let's Find Your IRA Basis"
- I get presented with the screen saying "Income Too High To Deduct an IRA Contribution"
How can I successfully file Form 8606? Or am I misunderstanding something?
