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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
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‎January 21, 2021
5:02 PM