Yes. You may follow the steps below;
- In Turbo Tax Home Screen, click Tax Tools, then Tools.
- Type in the search bar 1099-R.
- Click Add another 1099R, click continue.
- Click "Change how i enter my form" then continue
- In "How do you want to add your 1099-R?", click type it in myself.
- Answer the interviews, then click continue.
- Enter the 1099-R provider's info, then continue.
- On the question, "Do any of the situation apply to you?", select "I took money due to the impact of Covid-19". if it was.
- Answer Yes "Did you rollover the gross amount to another retirement account?
A backdoor Roth IRA is a legal way to get around the income limits that normally restrict high earners from contributing to Roth. You're allowed to contribute the lesser of your earned income or $6,000 in a traditional IRA, which can then be converted to a backdoor Roth IRA. If you're 50 or older, you can also make an additional catch-up contribution of $1,000 each year.
