Entering a Back Door Roth Conversion is a two-step process.
You’ll receive a Form 1099-R with code 2 in box 7 (or code 7 if you’re over 59 ½) in the year you make your Roth conversion. You should report your conversion for the year you receive this 1099-R:
- If you received this form in 2021, complete both steps below to report it on your 2021 taxes
- If you'll receive this form in 2022, wait to report it on your 2022 taxes. In this case, only complete Step 1 below for your 2021 taxes. You’ll complete both steps next year when filing your taxes for 2022
Click this link for the steps for How to Enter a Back-Door Roth Conversion.
If you didn't make any non-deductible IRA contributions in 2020, you wouldn't have a Form 8606. TurboTax will generate one for 2021, as you mentioned.
These situations generate a Form 8606:
- Nondeductible contributions made to a traditional IRA
- Distributions from a traditional, SEP or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions)
- Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA
- Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain contributions)
Click this link for more info on Form 8606.
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