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Backdoor Roth IRA Conversion
If I contribute to a traditional IRA and then roll it into a roth, how should I claim that contribution? As an IRA contribution?
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Get your taxes done using TurboTax
You have to first tell Turbotax you contributed to a nondeductible traditional IRA, then enter the 1099-R and tell Turbotax you converted to a Roth.
If you enter the 1099-R first (which is what happens if you follow the step-by-step process) it wants to tax you on the conversion
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Get your taxes done using TurboTax
Hello, can you share a step by step procedure to do what you are saying to do using 2018 premier version. I followed every step by step process and entered everything but can not find the non deductible steps until the end, but as you state i must not do it as turbotax says. What do i need to delete seeing i have already entered my 1099-r. thanks