@ccbuckall wrote:
I made a $6,000 nondeductible contribution to an IRA after 1/1/2021, but marked it as a 2020 contribution and then converted to a Roth IRA shortly after. How is this handled for 2020 taxes? Do I report anything for 2020?
Yes, you enter the IRA contribution and make it non-deductible. That will produce a 2020 8606 form with the contribution on line 1, 3 & 14. You will need that 8606 when you do your 2021 tax return.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
