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Get your taxes done using TurboTax
Yes, you will have to amend your 2019 tax return to add the $6,000 contribution.
Please see How do I amend a 2019 return in TurboTax?
To enter the $6,000 nondeductible contribution to the traditional IRA on the 2019 amended return:
- Click on "Search' on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed: $6,000
- 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 “No”
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.
Yes, you need to report the contribution the Traditional IRA (6k) and then report the full Roth Conversion of 12k for 2020.
Steps on your 2020 tax return:
To enter the $6,000 nondeductible contribution to the traditional IRA for 2020:
- Open you 2020 return
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed: $6,000
- 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 nondeductible contributions before this tax year.
- If you had a basis in the Traditional IRA before then enter the amount: $6,000.
- 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:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis
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February 16, 2021
1:03 PM