DanaB27
Expert Alumni

Retirement tax questions

Yes, you will enter your basis (nondeductible contribution for 2020) from 2020 in the follow-up questions when you enter your Form 1099-R (step 8).

 

To enter the 1099-R distribution/conversion: 

  1. Click on "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  5. 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"
  6. On the "Your 1099-R Entries" screen click "continue"
  7. Answer "yes" to "Any nondeductible Contribution to your IRA?"
  8. Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

@ThomasTheSecond

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