- Yes, TurboTax automatically generates Forms 8606 for reporting nondeductible traditional IRA contributions and Roth conversions that are entered.
- No. The Form 1099-R reporting the distribution from the traditional IRA that you will have converted to Roth in 2021 is reportable on your 2021 tax return.
- 2021 TurboTax will prepare 2021 form 8606 Part I to calculate the amount that is taxable on your 2021 tax return, taking into account your basis in nondeductible traditional IRA contributions made for 2020 carried over from line 14 of your 2020 Form 8606. TurboTax will also prepare Part II of the 2021 Form 8606 to report the Roth conversion
February 11, 2021
7:56 AM
