Retirement tax questions

You will enter the contribution for 2020 on your 2020 tax return, even if you made it in 2021. If you didn't do that then please see How do I amend my 2020 return?  The contribution for 2021 will be entered on your 2021 tax return.

If it was a traditional IRA contribution and you want to make it nondeductible because of doing a backdoor Roth then please follow these steps on your 2020 tax return:

To enter the nondeductible contribution to the traditional IRA:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions” 
3. Click on “Jump to IRA contributions"
4. Select “traditional IRA”
5. Answer “No” to “Is This a Repayment of a Retirement Distribution?”
6. Enter the amount you contributed
7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
8. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year.
9. If you had a basis in the Traditional IRA before then enter the amount.
10. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (if you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible).

TurboTax will create Form 8606 with a basis on line 14 and this can be entered in your 2021 tax return when TurboTax asks if you made nondeductible contributions.

@gloprest