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Retirement tax questions
Unfortunately this does not work for the very situation someone else asked about.
A person John Smith - makes a nondeductible Trad IRA contribution of 6000 in the year 2020 for year 2019
Same person John Smith - makes a nondeductible Trad IRA contribution of 6000 in the year 2020 for year 2020
Before the end of 2020, $12000 is converted to ROTH IRA
This person receives a 1099-r in 2021 for 12000.
There's no way to enter this in Turbotax without incurring either a state or a federal (or both) level tax increase
March 8, 2021
10:38 AM