Hi DanaB27,
I am sorry I am going back to my last year's situation as it has implications for my 2021 return too. And thanks for your help in resolving it last year.
Here is a summary of the case:
I have the following activity for my wife's IRA- Traditional and Roth.
4/12/19- contributed 5500 to traditional deductible IRA for year 2018
01/28/20- contributed 6000 to traditional 'non'- deductible IRA for year 2019
02/03/20- Converted all of the balance to Roth IRA- reported on 1099-R received in 2020
03/01/2020- Contributed 6000 to Roth IRA directly by mistake- for year 2020
03/03/2021- Recharacterized 6000 plus gains of 1757 (total 7757)for the 2020 Roth contribution to Traditional IRA in 2021 before tax date
03/04/2021- Converted the full recharacterized amount back to Roth- total of 7481
03/15/2021- Contributed 6k to non deductible traditional IRA for 2021
03/16/2021- Converted 6k from traditional IRA to Roth for 2021
Balance in traditional IRA at the end of 2020- 0
Her 2020 IRA statement had 11590 as distribution (including 90 of income) and all of it taxable.
2021 traditional IRA statement has a total of 13481 as distribution and taxable. This has 7481 of the amount that i reconverted to Roth on 03/04/2021. But not sure why the total is 13481; which 6k is it adding to the total given that I did not make a contribution to Traditional IRA directly in 2020.
Her 2020 return, with your help, had the following details on 8606:
Line 1- 6000
Line 2- 6000
Line 3- 12000
Line 4-0
Line 5-12000
Line 6-12- 0
Line 13-7907 (using a factor of 0.68)
Line 14- Basis in Trad IRA for 2020 and earlier- 4093
Line 15- 0
Line 16-11590
Line 17- 7907
Line 18- Taxable portion- 3683
So now I have to take care of three things in the 2021 return:
1. The conversion of the above amount with remaining basis of 4093- how do i enter that?
2. Conversion from Roth to IRA and back (for the mistake i made by contributing to Roth directly for 2020 but converting in 2021)
3. Contribution to non deductible IRA for 2021 and then converting it to Roth
How do I enter all this in Turbo Tax Premier to get the right calculations?
Thanks so much,
RG
