To add the basis in a Traditional IRA in TuboTax Online:
- Click on Search
- Type in "IRA Basis"
- Click on "Jump to ira basis"
- Your landing page will say "Traditional IRA and Roth IRA"
- Scroll down and mark the boxes to indicate that both your son and daugther-in-law will contribute to a Traditional IRA
- Click "Continue"
- You will be asked "Did [Your Son] Contribute To a Traditional IRA? Answer "No"
- "Any Excess IRA Contributions Before 2024?" Answer "No"
- "Any Nondeductible Contributions to [Son's] IRA?" Answer "Yes"
- You should now be on the page with "Let's Find Your IRA Basis". Enter your son's basis (prior year nondeductible contributions) in the box.
- Click on Continue and repeat for your daughter-in-law.
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