DanaB27
Expert Alumni

Retirement tax questions

Yes, you can enter it if the contribution and conversion happen in different years. You will enter the basis from prior years either in steps 8 and 9 (if you have another contribution) or in steps 7 and 8 (after you enter your 1099-R).

 

TurboTax will ask about value on December 31, 2020 of all traditional IRAs after you enter the basis during the 1099-R section interview. This will be used to calculate the taxable amount.

 

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