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Retirement tax questions
Thank you, the link helps. I need to revisit the 1099-R sections as well as the part that generated the 8606. But for clarification, since these are back door Roth IRAs that are not deductible (i.e. income limitations, etc.), for my question below from the 2020 Turbo Tax season (how I answered this question last year:(
- "Any non-deductible Contributions to your IRA? Let us know if you made and kept track of any non-deductible contributions to your traditional IRA from 2019 or prior years." - Answered NO (Prior to 2020, I had no IRAs)
Will the question on the 2021 turbo tax form say "Any non-deductible Contributions to your IRA? Let us know if you made and kept track of any non-deductible contributions to your traditional IRA from 2020 or prior years."
And if so, should I answer YES in this case? Am I tracking my 2020 non-deductible contribution to my IRA (traditional that was immediately converted to a Roth). And if the answer is YES, would it be the $7,000 that was contributed and converted in March 2021 for tax year 2020?
I also did another contribution and conversion (same day) for calendar 2021 in March 2021. Still processing how to enter this and may have follow questions for this?