@2019victor wrote:
Hi @macuser_22 ,
In my case, I re-characterize from Roth to Traditional IRA for 2020, continue invest in traditional IRA (AA $ basis + BB $ earning). In 2021 I will contribute 6k non-deductible to traditional IRA. I would like to convert all AA+BB+6k to Roth as back door. How to enter them to turbotax?
Please correct me if I'm wrong, form 8606 will be:
Line 14: AA basis+6k
Line 15c: BB earning
Line 16: AA+BB+6k
Line 17: AA+6k
Line 18: BB earning
Are they correct? Please advise.
Thank you.
No. Not correct. On your 2020 tax return enter the 2020 Roth contribution in the contribution intervene and say that it was "switched" (recharactorized) to a Traditional IRA that will put the *contribution* amount (not earnings) on the 2020 8606 line 1, 3 and 14. Nothing else.
If you are converting in 2021 the you will receive a 2021 1099-Rnext January to report it on yiur 2021 tax return next year.
**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.**
