LinaJ2020
Expert Alumni

Get your taxes done using TurboTax

If the program does not ask, you can go directly to the Form 8606 section by following these steps:

 

In TurboTax online,

  • Sign in to your account and select Pick up where you left off in your tax return.
  • From the upper right menu, select Search and type in 1099r and Enter
  • Select the Jump to 1099r
  • Follow prompts
  • On screen, Any Nondeductible Contributions to Taxpayer's IRA?, select Yes
  • Next screen, Let's Find Your IRA Basis, enter information
  • Continue to proceed

If you have made any nondeductible contributions to your traditional IRA, you do not pay taxes on the entire conversion amount.  Those nondeductible amounts are so-called the basis.  It is important to keep track how the basis amount is accumulated and calculated. For more information for the nondeductible IRA contributions, click here: Form 8606

 

@utterbob

 

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