Hello Experts,
I have non-deductible contributions ($6K) to my IRA in 2020, and my 2020 returns included Form 8606 to reflect the same. I then converted all that money ($6K) to Roth IRA in 2021. I received a 1099-R from my broker that reflects this, and it has Distribution Code 2 in Box-7.
After entering my 1099-R, I was getting some questions about this conversion but none of them reflecting exactly what I have done. I have selected these options which best suits my situation, please see below screen.
After this, TurboTax is automatically making this $6K taxable. It is not considering my non-deductible IRA basis from 2020 for this conversion.
Also, it is not generating Form 8606 though I used TurboTax Home & Biz (same version, both years) last year.
I tried entering this conversion in the Deductions section as well, but it is not helpful either.
Can someone please advise how to report this activity?
Thanks
