$500 of my $6,000 total 2020 IRA contributions were non-deductible. I converted that non-deductible $500 to a back door Roth IRA in March of 2020. The other $5,500 was contributed to a non-deductible IRA and then recharacterized to a Roth in January of 2021.
When asked in TT how much I contributed to to a traditional IRA I entered $6,000.
When asked how much I switched from a Traditional IRA to a Roth I entered $5,500.
I then select Yes when asked if I made any non-deductible contributions to my IRA from prior years (I did in 2019).
It then asks for my total basis as of 12/31/2019. That value is $6,000 (the amount I contributed to my non-deductible IRA in 2019).
It then asks the value of my traditional IRA's on 12/31/2020.
Question 1: Is this the value of my non-deductible IRA account or any traditional/deductible accounts I have? If the non-deductible amount, this value only shows shows the contributions I made for 2020 but then recharacterized last month. The non-deductible amount of 2019 contributions in that account at the end of 2020 was zero because they were all converted to a back door Roth IRA with the $500 of 2020 money I converted in March of 2020. Should I enter zero for the value or should I enter the actual amount of the account, even though that is all money I recharacterized in January of 2021?
Question 2: My TT forms do not show the $500 non-deductible IRA contribution I made for 2020. They capture it as a deductible/traditional IRA contribution. I need this to show as the non-deductible contribution of $500 for 2020 that was converted in March of 2020. This conversion is captured on the 1099-R info I reported to TT under the 1099-R section. I just need the $500 to show up as non-deductible under the IRA section. How do I make that happen?
Thanks!
