To confirm you made a conversion from your traditional IRA to Roth IRA but had taxes withheld. You made nondeductible contributions to your traditional IRA in prior years but not for 2022.
You will enter your Form 1099-R for the conversion where you indicate the conversion and that you replaced the taxes withheld with your own money. Please make sure you enter your prior year basis (nondeductible contributions) when TurboTax asks.
- 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 "Did you convert the gross amount of $XXXX (Box 1) to a Roth IRA?" screen select "Yes, all of this money was converted to a Roth IRA"
- On the "Review your 1099-R info" 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 last filed Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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