i'm trying to report the backdoor roth conversion in turbotax. I did the following:
First I did wages&income:
1099R - entries from the custodian. Distributions were 6005 (contributions were 6000 but I waited before conversion and want to report $5 as taxable income).
Based on your entry for Box 7 on 1099R, you dont need to pay extra taxes on the money taken out of this account (so for so good)
Did I inherit - No
What did you do with the money from xxx?
I moved the money to another retirement account (or returned to the same acocunt)
I rolledover the money.
***********************
Then I went to deductions&credits
Traditional & Roth IRA contributions
I selected Traditional IRA only (as I technically contributed to traditional IRA and then did a backdoor roth conversion)
Is this a repayment of a retirement distribution? No
Tell us how much you contributed? 6000
Tell us how much of this is between jan 1 2021 & may 17 2021? 0
Did you change your mind? No (I did not switch or recharacterize any contributions)
Any excess contributions before 2020? No
Any non deductible contributions to IRA? I made and tracked non-deductible contributions to IRA
Lets find your IRA Basis? Total IRA basis as of Dec 31 2019 - 0
Is this a repayment of a retirement distribution? No
Then I get the Income too high to deduct IRA contribution and my IRA deduction summary as 0.
*******************
when I go to forms under 8606, I see that Part II (lines 16,17,18) are not populated and my total tax liability is still shown as 0.
I was expecting line 16 to be 6005, line 17 to be 6000 and line 18 (taxable income) as 5.
i've been doing this for years with no issues and it looks like something is wrong with Turbotax 2020. Did anyone else see the same issue? Did I miss any steps? Any help is greatly appreciated. Thanks!
