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Retirement tax questions
I had multiple traditional IRAs, and the Turbo Tax program prompts need to be updated to specify which IRA the question is being asked for, in the deductions. For example, the prompts asked for my remaining balance for my traditional IRA as reported to the IRS. The question was regarding the non-deductible back door Roth IRA that was converted and has a zero balance; however, I have a second IRA with a balance and the prompt doesn’t specify, so I assumed it wanted the one with a balance. When I went back and put Zero, guessing it’s for the back door conversion, then the instruction prompt comes up properly, asking what value I want to exclude. I hope TurboTax can update the prompts to specify which IRA, when multiple exist.
February 12, 2023
4:20 PM