I know it is a bit confusing but hopefully some of the confusion can be lifted with this answer.
- In the 1099R that reported the excess contribution returned, it should list a code P. This will not result in a taxable event but simply reports that the 2021 taxable contribution was returned.
- If you haven't kept track of your Roth contributions, perhaps your broker may have the information. the reason Turbo Tax is asking for it is that it wishes to generate a correct 8606 for you in the return.
- According to the IRS, you need Form 8606 to report;
- Nondeductible contributions you made to traditional IRAs.
- Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs.
- Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs.
- Distributions from Roth IRAs.
Since you had a Roth conversion at some point, it wants to make sure all the information is correct so that your Form 8606 is accurate for this year. As far as tracking your Roth contributions, perhaps your broker has the information. if not, you can make an educated guess just to satisfy this portion of the return.
@capntangen
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
