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Retirement tax questions
You will enter you contribution as mentioned above in your 2020 tax return and get Form 8606 to report your basis.
In 2021 when you get your 1099-R you will enter the conversion like this (pay special attention to steps 7 and 8):
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" since you had a nondeductible contributions in prior years.
- Answer the questions about the basis and value
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April 6, 2021
12:47 PM