Hi DanaB27,
Yes, the value of my traditional/SEP/SIMPLE IRAS on December 31, 2024 $0 (step 7) is 0.
Here are all the prompts I get when I upload the Vanguard 1099-R form (and my federal and state taxes both jump up by $2744):
There's no tax penalty for your early retirement distribution.
There's usually a penalty of 10-25% for taking money out of your retirement account early.
But, based on your 1099-R, you don't have to.
You still might have to pay taxes on the money you took out, but at the normal tax rate.
CONTINUE
*Did any of these situations apply to you?
Do any of these situations apply to you?
I took out this money due to a qualified disaster
This is for a SIMPLE IRA within the first two years of participation only
This is for a SIMPLE IRA with more than two years of participation
I moved some or all of this money to my HSA as a one-time contribution
I need to file a substitute 1099-R
The corrected box is checked on this 1099-R
None of these apply (checked)
CONTINUE
*Tell us if you moved the money through a rollover or conversion
I converted some or all of it to a Roth IRA
*Did you convert all of this $13,500.00 (Box 1) to a Roth IRA?
Yes, all of this money was converted to a Roth IRA
Here's your 1099-R info
Financial institutionBox 1 - Gross distribution | VANGUARD FIDUCIARY TRUST COMPANY | $13,500.00 | |
| Total | $13,500.00 | |
CONTINUE
*Have you ever taken a disaster distribution before 2024?
No
CONTINUE
*Any Nondeductible Contributions to Your IRA?
Let us know if you made and kept track of any nondeductible contributions to your traditional IRA from 2023 or prior years .
Yes, I made and tracked nondeductible contributions to my IRA
(Note: I have completed the 8606 form I need to submit for 2023 tax amendment with lines 1,3, 14 completed, and is the $6500 amount)
CONTINUE
*
Let's Find Your IRA BasisIf you made any nondeductible contributions in prior years, look at your most recent Form 8606. Find the box called total basis and enter the number from that box below. If you never filed a Form 8606, just enter 0 (zero).
Total Basis as of December 31, 2023: $6500
*Tell Us the Value of Your Traditional IRA
Value of your Traditional, SEP, and SIMPLE IRAs, on December 31, 2024 = 0
Outstanding Rollovers = 0
Outstanding Recharacterizations = 0
Not sure where I am screwing up at this point. Appreciate your help.
Thank You
