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Get your taxes done using TurboTax
To clarify, did you convert the traditional IRA to Roth only in 2021?
If yes, then your will get the 2021 1099-R in 2022 for $12,000 (2020 and 2021 contribution) and it will only go on your 2021 tax return. You do not enter the 1099-R entry on your 2020 tax return.
On your 2021 return to enter the nondeductible contribution:
- Login to your TurboTax Account
- 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
- 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” since you had a nondeductible contributions before this tax year.
- Enter the $6,000 from your 2020 contribution (if that was your only basis)
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount $6,000.
To enter the 1099-R distribution/conversion on your 2021 tax return:
- Login to your TurboTax Account
- 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 “What Did You Do With The Money” and choose “I moved it to another retirement account”
- 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"
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contribution to your IRA?"
- Answer the questions about the basis and value
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April 4, 2021
5:19 AM