I have IRA1, IRA2 and RothIRA (all on Vanguard)
- IRA1 I've had for years and all money in there is pre-tax and have not contributed to it for years.
- 2023-12 I created IRA2 and funded with 7500 (I'm over 50)
- 2023-12 I created RothIRA
- 2023-12 I did backdoor conversion from IRA2 to RothIRA
Entering information in these two sections...
- Wages & Income->Retirement->IRA: Entered information for backdoor conversion & all seems ok.
- Deductions & Credits->Retirement->IRA: Entered information for contributions. Asks about non-deductible contributions from 2022 or prior years but not 2023.
Eventually I get to a "Your IRA Contribution Isn't Permitted" page (covered by plan at work). Then it talks about a 6% penalty on the contribution every year it remains in the IRA.
I followed TurboTax Help's "How do I enter a backdoor Roth IRA conversion?" TurboTax Desktop option.
Step 1-10 says: "When you reach the Choose Not to Deduct IRA Contributions screen, select Yes, make part of my IRA contribution nondeductible, enter the amount you contributed, then select Continue. If none of your contribution can be deducted, you will not see the option to make part of it nondeductible. Instead, the full amount of your contribution will automatically be nondeductible."
I never see this screen. What am I missing?
Thank you.
