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Get your taxes done using TurboTax
That's what I did earlier, can I take a pause here (stop at step 8.7.) to make sure I'm on the right track so far? Thanks.
On Deductions & Credits, the Traditional IRA and Roth IRA interview
- I checked only Roth IRA box
- Tell Us the Value of All Your Traditional IRA Accounts on Dec 31 2020
- Not sure why it is asking about Trad IRA although it is a Roth interview
- I entered 0 (because the conversion happened in Nov 2020)
- Did you make Roth IRA Contributions?
- YES
- Is This a Repayment of a Retirement Distribution?
- NO
- Enter Your Roth IRA Contributions
- 6000
- Tell Us How Much You Transferred (recharacterization)
- 7000
- Roth IRA Explanation Statement
- Date of the Original Contribution: 10/01/2020
- Date of the Recharacterization: 11/15/2020
- The Amount Recharacterized: 6000
- The Amount Transferred (Recharacterization plus earnings or losses): 7000
- Reason for the Recharacterization: excess contribution
- Let Us Track Your Roth IRA Basis
- Would you like us to track your Roth IRA basis?
- YES
- Withdraw from Your Roth IRA Before 2020?
- NO
- Enter Prior Year Roth IRA Contributions
- 115000 (sum of 2018 and 2019)
- Any Roth IRA Conversions Before 2020?
- NO
- Enter Excess Contributions for prior years
- So does prior years include 2020?
- I assumed no and entered 0
- So does prior years include 2020?
- Income Too High To Deduct an IRA Contribution
- continue
- You Currently Have a Penalty
- It is asking me to enter the amount of excess contribution I want to withdrawn before May 17
- Would you like us to track your Roth IRA basis?
‎April 6, 2021
9:00 PM