Retirement tax questions

TurboTax does not support the forms mode for data entry and doing so voids the accuracy guarantee.     Some of the text in the forms mode has error in it and might not properly link the forms.

 

This should work fine in the interview.

 

Backdoor Roth problems are often caused by a failure to first enter any 2020 non-deducible contributions in the IRA contribution interview so they go on the 8606 form line 1.    Another common error is not entering the year end value that makes the calculations incorrect.

 

The 1099-R interview if the IRA/SEP/SIMPLE box is check will ask what yiu did with the money - say that it was "moved" and then that you did a combine of things and enter the amount converted in the lower box.     After the 1099-R summary page keep going and it will ask if you tracked non-deductible contributions - say yes and it will ask for prior years basis and then year end value.

 

 

**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.**