@cfcan wrote:
I disagree with some of macuser_22's response that TurboTax asks for year-end values if you say YES to the "did you make non-deductible contributions". That question asks if you made any non-deductible contributions in "2019 or prior years". I made the contribution in 2020, did not have any non-deductible contributions in 2019 or earlier, so I answered NO to the question. Is the question as written incorrect in that it should say "2020 or prior years"? If I made the non-deductible contribution in 2020, and if the question is correct about "2019 or prior years", then the answer is NO, and you do NOT get to question about entering the 2020 Year-End Value. I still claim TurboTax is not handling the IRA Contribution topic correctly. And, the 8606 Form seems to want input for lines 7 & 8, also. Where are those questions? BTW-I just went into TurboTax and answered the non-deductible contribution question as YES. It then wants to know about 2019 total basis. It never asked anything about 2020 Year-End Values.
If you made 2020 non-deductible contribution then those go on the 8606 line 1 and must be entered in the 2020 IRA contribution interview to get it there. That will then automatically become your basis.
You do not enter 2020 contributions in that box.
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.**
