DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, the screen names vary a bit between TurboTax Online and TurboTax Desktop but you seemed to have entered everything correctly.

 

Yes, if you made a $6,000 nondeductible contribution for 2020 and converted it in 2021 then you will have a $6,000 basis to carry over to 2021. You will find the basis on line 14 of your 2020 Form 8606 and you will enter this when TurboTax asks about your prior year's basis.

 

Please verify, that you checked the IRA/SEP/SIMPLE box when you entered your Form 1099-R for the conversion. 

 

Yes, if you did not have any earnings and the value of all your traditional/SEP/SIMPLE IRAs was $0 at the end of 2021 then 4b of Form 1040 taxable amount will be $0.

 

@Spouse1234

 

 

 

 

@silentmaster

Yes, you will not get the screen “Choose Not to Deduct IRA Contributions” if you have a retirement plan at work and are over the income limit. TurboTax will make it nondeductible automatically and you only get a warning and then a screen saying $0 is deductible. TurboTax will create Form 8606 for you to report your basis. You are done with entering your nondeductible contribution.

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