My wife and I each made deductible contributions to Traditional IRAs in late 2019, then again in early 2020.
We entered the non-deductible contributions via TurboTax online as part of our 2019 filing.
Similarly, we've entered the non-deductible 2020 contributions as part of our 2020 filing.
When following the instructions I've found online and in this Online Community, we're seeing $859 unfavorable impact to our federal tax liability after completing the 1099-R entries to record the distributions and conversions. TurboTax does recognize the cost basis as of Dec 31 2019 resulting from our 2019 non-deductible contributions. Not sure what's causing the unfavorable tax impact!
