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Get your taxes done using TurboTax
Thank you Dana. I followed your steps. First the JUMP TO doesn't work, there is no such link I can see. So I went to "Deductions & Credits" section and I believe this is where you enter the info.
- Answer “No” to “Is This a Repayment of a Retirement Distribution?” Done
- Enter the amount you contributed Done
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen This screen does not appear, not an option. I remember seeing this once before, but do not see it anywhere even when I go from the start of the from to the end.
- 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.
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.
March 31, 2021
1:58 PM