To recap, you made in 2021 a contribution for 2020 and another contribution for 2021 and then converted both to Roth in 2021. You entered the 2020 nondeductible contribution on your 2020 tax return and therefore have a basis to carry to 2021 on your 2020 Form 8606 line 14.
On your 2021 tax return you entered your basis from 2020 during the interview (step 8), correct? Your basis should be your nondeductible contribution for 2020 (line 14 of 2020 Form 8606). Your traditional IRA was empty before you started making nondeductible contributions in 2020? You also entered your nondeductible contribution you made for 2021 under IRA contributions? And you entered your Form 1099-R for the conversion with the steps above?
If everything is entered correctly then you should have only earnings as taxable on line 4b of Form 1040.
If you still are having issues you can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Download:
- On your menu bar at the very top, click "Online"
- Select "Send Tax File to Agent"
- Click "Send"
- The pop-up will have a token number
- Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
@ThomasTheSecond
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