Please be aware, you only need to enter the value of all traditional/SEP/SIMPLE IRAs if you took a distribution/made a conversion. You will enter the value in step 8 below.
Please follow these steps to enter your Form 1099-R for conversion:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2020 Form 8606 and click “continue”
- Enter the value of all traditional, SEP, and SIMPLE IRAs on December 31, 2021.
Please be aware, that TurboTax might use the Taxable IRA Distribution Worksheet (per IRS Pub. 590-B) to calculate the nontaxable portion. Then TurboTax won’t fill lines 6-12 of Form 8606 but you will have a star next to line 13.
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