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TurboTax won't recognize my after-tax(nondeductible) IRA contributions
Hello,
In February 2020 I:
- Contributed $6000 after-tax money to my traditional IRA for year 2020
- Contributed $6000 after-tax money to my traditional IRA for year 2019
- Moved all $12000 after-tax money from traditional IRA
I would expect all of the below to have no tax implications.
In form 1099-R I set 'Taxable amount" to 0 , but when I try to file I get the error:
Form 1099-R : Taxable amount should not be zero if there is no prior year excess traditional IRA contribution on line 4 of the IRA Information Worksheet.
If I change the value from '0' to anything else I get fully charged tax on the $12000 - but these are after-tax funds.
What am I doing wrong here ? Is there another form that I have to fill out ? Did I mess up and what I did is not allowed ? Are there any penalties for what I did ?
Thanks!