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Get your taxes done using TurboTax
It's all calculated on Form 8606. All that's necessary is to make sure that you entered the $7,000 contribution for 2020 properly on your 2020 tax return so that the $7,000 from line 14 of that form appears carries forward to line 2 of the 2021 Form 8606, that you've entered the $5,000 contribution for 2021 in 2021 TurboTax so that it appears on line 1 of the 2021 Form 8606, that you've entered the $19,500 Form 1099-R and that you've indicated the $0 year-end value in traditional IRAs. From that information the calculations on 2021 Form 8606 are automatic, resulting in $19,500 on line 16, $12,000 on line 17 and $7,500 on line 18.
‎April 9, 2022
5:17 PM