@dhuynh44 wrote:
Thank you. Are you able to provide specific examples of what to enter as far as basis etc? For example, I converted $1000 directly from traditional Ira to Roth IRA the very same day it was in my account, not incurring any gains. Would $1000 be my basis? Also, does it make a difference if I contributed after tax dollars to the traditional IRA before converting? Thank you
Did you make a 2020 Traditional IRA contribution? If you did then you probably failed to enter it in the IRA contributions interview.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
**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.**
