Dear TurboTax Community,
Hope everybody is doing well. I am using TurboTax - desktop version. Filling jointly with my wife. Struggling with my wife's particular situation as follows:
As it happened, we converted/rolled over first her only traditional IRA to Roth - $7.5K (to avoid pro-rata rule for upcoming back-doors) on March 2021. I am aware we owe taxes on the full amount. We did this from Merrill Edge to Vanguard
Then, performed a back-door Roth IRA of 7K on April of 2021 for 2020 on Vanguard. Conversion from Trad. IRA was immediate, so we don't owe taxes.
Thirdly, performed another back-door Roth IRA of 5K on December of 2021 for 2021 on Vanguard. Conversion from Trad. IRA was immediate, so we don't owe taxes.
Received form 1099-R from Vanguard with Line 1 & 2a for $ 19.5K (total); line 7 shows code 2; and IRA/SEP/SIMPLE checked. I was expecting to get a specific form from Merrill Edge showing the initial conversion/roll over, and the coding so we can reflect the taxes that we owe. Should I contact them?
Please let me know how should I go about capturing this scenario in Turbo Tax desktop? Any particular order/steps? What are the expectations as far as 8606 for my wife's and the 1040?
I have done some research and have done different scenarios in TurboTax, but I am still struggling to make sure I have it right.
Note - I did something similar for myself but didn't have to perform the initial step of converting/rolling over, but just two backdoor roths. First one of 7K in April 2021 for 2020, and second one of 2K in December 2021 for 2021. I think I am good on how to approach my specific situation, but I'd greatly appreciate any advise on my wife's as the initial conversion/rollover we performed for her make things confusing as to how to approach them with the software.
Thanks in advance & Best regards!
Ozzie
