@TheUnluckyOne wrote:
Yes, My 2020 contribution is reported on my 2020 tax return and yes it is non-deductible on a 2020 8606 form and is on line 14. That was my first year of contribution
What does this mean?
That would transfer to the 2021 8600 line 2 so line 3 would then be the total of 2020 and 2021 ($14,000).
Where will I see this carried forward in TurboTax? I mean currently, it is taxing my $7,000 and my tax refund is reduced to $1,665 from $3,345
If it did not trans fer then the 1099-R question that asks if you had non-deductible contribution then asks for any prior year contributions - you enter it there.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
