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Get your taxes done using TurboTax
I'm understanding that the $6,000 in 2019 was also Backdoor conversion? If yes then please follow the steps below to enter the $6,000 contribution and conversion. Please remove the $5,800 from the "Deduction & Credit" section since you contributed them in 2018, not in 2019.
For the $5,800 you will need to amend your 2018 tax return and also follow the "Backdoor IRA" Instructions. Please see How do I amend a 2018 return in TurboTax?
Please use the following instructions to enter a "Backdoor IRA" to ensure it is calculated correctly in TurboTax:
To enter the nondeductible contribution to the traditional IRA ($6,000):
- Login to your TurboTax Account
- Click "Work on other tax breaks"
- Click "Federal" from the left side of your screen
- Click “Deductions &Credits” on the top
- Scroll down to “Retirement and Investments” and click “Show more”
- Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
- Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes”
- If you had a basis in the Traditional IRA before then enter the amount.
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.
To enter the 1099-R distribution/conversion ($6,000):
- Click "Federal" from the left side of your screen
- Scroll down to “Retirement Plans and Social Security” and click “Show more”
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
- Answer "Yes" to the question "Did You Have Any of These Types of Income?"
- Click "I'll Type it Myself"
- Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
- Then choose “I converted all of this money to a Roth IRA account.”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?"
- Answer the questions about the basis
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January 27, 2020
3:22 PM