@dawnrb wrote:
That is correct and I have entered them in the proper years (nondeductible contribution to traditional IRA and conversion to Roth IRA were both in 2020) and it still fills out the 1040 incorrectly (it shows the contribution as taxable) unless I tell it the basis was the same amount as the contribution (which if I do, it fills out the 8606 incorrectly)
That is correct if it was a 2019 (or earlier) contribution. If a 2020 contribution it must be entered in the IRA contribution interview and marked as non-deductible. Be sure you do not say it was for contributed between Jan 1,2020 and April 15,2020 as a 2019 contribution unless it WAS a 2019 contribution (if it was then that is reported on an 2019 tax return).
The TurboTax will apply it automatically.
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.**
