DanaB27
Expert Alumni

Get your taxes done using TurboTax

Your 8606 should show the $6,000 basis from 2019 on line 2.

Line 3 and 5 should be $12,000.

You should have a basis in line 14 since you recharacterized the 2020 contribution as a traditional IRA contribution and made it nondeductible.

It seems as if you entered the recharacterization correctly.

 

Please make sure you enter the prior basis, the value of the traditional IRA on December 31, 2020 and the outstanding recharacterization amount (step 9). 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Click "Continue" and enter the information from your 1099-R
  5. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  6. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
  7. On the "Your 1099-R Entries" screen click "continue"
  8. Answer "yes" to "Any nondeductible Contribution to your IRA?"
  9. Answer the questions about the basis $6,000 and value on December 31, 2020 and the outstanding recharacterization
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