Looking for help on my backdoor Roth and form 8606 with Turbotax.
In 2020 I made a 2019 traditional contribution of $6K and converted it the next day to a Roth
In 2020 I made a 2020 traditional contribution of $6K and converted it the next day to a Roth
I received one 1099R from my traditional IRA for $12,000.12
Using Turbotax my form 8606 shows I have $140 of taxable income. Why???
Line 1: $6k
Line 2: $6k
Line 3: $12,000
Line 4: blank
Line 5: $12,000
Line 6, 7, 8, 9: Blank
Line 10: x
Line 11 & 12: Blank
Line 13: $12,000
Line 14: 0
Line 15a: 2
Line 15b: Blank
Line 15c: 2
Line 16: $12,000
Line 17: $11,860
Line 18: $140!!!!!
Why do I have $140 of taxable conversion???
I am using the online version of Turbotax. I copied the info from the worksheets and posted them below. Form 8606 is the only place in my return where I see the amount $11,860. I can’t for the life of me figure out where that amount comes from. I guess I will have to call Turbotax unless anyone has an idea where it is coming from.
20200 Transactions – Contributions
Regular Roth IRA contributions: BLANK
Rollover from Roth 401(k) and Roth 403(b): BLANK
Conversion contributions taxable at conversion: $140
Conversion contributions not taxable at conversion$11,860
Repayments of qualified Roth reservist distributions
Balance c/over to 2021 (Basis – After 2020 Transactions)
Conversion contributions taxable at conversion: $140
Conversion contributions not taxable at conversion$11,860
Thanks!
