Thank you!
I did $7000 traditional IRA for tax year 2022 on 2/21/2023, then converted this $7000 to Roth IRA on 2/28/2023.
as I did this on 2023, so I didnt get the 1099-R form for the above transaction this year( I will get 1099-R in 2024). But I still need to report the traditional IRA contribution and Roth IRA conversion on 2022 Tax filing.
TurboTax provided below instructions:
To enter the nondeductible contribution to the traditional IRA (pay attention to step 8!):
- Open your return
- Click “Deductions &Credits” on the top
- Click "I'll choose what to work on"
- Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
- Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes”
- If you had a basis in the Traditional IRA before then enter the amount.
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.
My problem is I am not able to get to Step 11, I can view the 8606 form it generated, it only listed the $7000 traditional IRA contribution on 8606 Part 1, there is no Roth IRA conversion on the 8608 Part 2.
