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Get your taxes done using TurboTax
You will have to enter the basis you have from the contribution for 2020 during the interview (steps 8 and 9 when you enter your contribution for 2021 or steps 6 & 7 when you enter your conversion). The basis should be listed on our 2020 Form 8606 line 14.
Yes, you will enter the contribution for 2021 on the "Tell Us How Much You Contributed" screen and enter it under "Tell how much you contributed for 2021 between Jan 2022 to April 18, 2022”
To enter the nondeductible contribution to the traditional IRA for 2021 made in 2022:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
- Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” since you had a nondeductible contribution before this tax year.
- Enter your basis in the Traditional IRA from the contribution for 2020 (shown on your 2020 Form 8606 line 14).
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (if you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible).
To enter the 1099-R conversion:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Review your 1099-R info" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" since you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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April 6, 2022
4:02 AM