DanaB27
Expert Alumni

Retirement tax questions

You should have filed Form 8606 each time you made a nondeductible traditional IRA contribution and will have to enter your basis from your last file Form 8606 line 14 during the interview (step 8).

 

 

To enter the 1099-R 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?" if you had any nondeductible contributions in prior years.
  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
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