freedom_1
Returning Member

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