DanaB27
Expert Alumni

Retirement tax questions

Please only select/enter that you converted the amount from the second 1099-R with code 2 in box 7 since you stated that you had moved both amounts from traditional IRA to Roth IRA.  Do not enter $9,880 for the rolled over to another retirement account (this would apply for example if you had moved funds from a traditional IRA to another traditional IRA).

 

Yes, you can ignore the first 1099-R with code R since you reported it on your 2020 tax return.

 

Please review these instructions to report a backdoor Roth.

 

To enter the 2021 nondeductible contribution to the traditional IRA:

  1. Open your return
  2. Click “Deductions &Credits” on the top
  3. Click "I'll choose what to work on"
  4. Scroll down to “Traditional and Roth IRA Contributions” and click “Start
  5. Select “traditional IRA
  6. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  7. Enter the amount you contributed $6,000
  8. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  9. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” since you had nondeductible contributions before this tax year
  10. If you had a basis in the Traditional IRA before then enter the amount.
  11. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.

 

To enter the 1099-R distribution/conversion: 

  1. Click "Federal Taxes" on the top and select "Wages & Income"
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
  10. On the "Your 1099-R Entries" screen click "continue"
  11. Answer "yes" to "Any nondeductible Contribution to your IRA?"
  12. Answer the questions about the basis and value

 

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