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Get your taxes done using TurboTax
First, 4a (total IRA distribution) will only show $7,000 from your conversion since your spouse's conversion didn't happen until 2022 (her conversion will go on your 2022 tax return). Do not enter a Form 1099-R for your spouse on your 2021 tax return.
For your spouse, you will only enter the nondeductible traditional IRA contribution (assuming your spouse's traditional IRA was $0 before the contribution for 2021):
- 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 “No” since your spouse didn't have a nondeductible contribution before this tax year.
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a screen saying $0 is deductible).
When you look at your spouse's Form 8606 you will have on line 1 the $7,000 contribution for 2021 made in 2022. On line 14 should be $7,000 as the basis. Nothing should be in part II for her since she didn't make the conversion until 2022.
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February 26, 2022
12:49 PM