I need assistance on correctly completing my IRA worksheets (form 8606, etc…). My wife and I each make nondeductible contributions to a Traditional IRA every year and then convert the funds to our Roth IRAs. We have done this for several years now and it is usually a simple process. However, we made our 2019 Traditional IRA contribution ($6,000 each) on 2/27/20 which is the same day we made our 2020 Traditional IRA contribution ($6,000 each). We then converted the $12,000 each to our Roth IRAs on 3/2/20.
Using the Turbotax software, I am not quite sure the information is being input correctly to reflect that the tax free conversion for both 2019 and 2020 was done in calendar year 2020. It is currently showing as an excess contribution for 2021 which is not correct. Can you assist me in making sure the software correctly reflects the 2019 and 2020 conversion to the Roth completed in calendar year 2020 is reflected properly?
