@Wyldaisy wrote:
Hi,
Regarding the question: "Were there any nondeductible contributions to the IRA":
The 2020 version of Turbo tax says: "Any non-deductible Contributions to your IRA? Let is know if you made and kept track of any non-deductible contributions to your traditional IRA from 2019 or prior years."
I've never had an IRA before and due to income limitations, I contributed money to a traditional IRA in 2021 for tax year 2020 that I immediately converted to a Roth. It would seem that I should answer NO to the question above, is that correct? If I answer that question NO, the next screen immediately says I do not qualify and no tax break, which I understand and agree with. However, I just want to make sure I answer that question correctly to make sure all of the correct forms populate for 2020.
If you answer NO to that question, you do not get the additional screens about 'basis', etc. But it is just not clear to me if that question wants to know if there any nondeductible contributions to the IRA in 2020 (my case - YES), or only 2019 and prior (in my case - NO).
Thanks
What exactally are you entering? If converted in 2021 you will not receive the 2021 1099-R until January 2022 and it will be reported next year on your 2021 tax return.
**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.**
