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Retirement tax questions
Yes, you are done with your 2022 recharacterization/ backdoor entries. Your conversion will be reported next year on your 2023 tax return since the conversion was made in 2023. You will have the basis on your 2022 Form 8606 line 14 to carry over to your 2023 return.
To enter the conversion next year on your 2023 tax return:
- 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 "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 2022 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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March 22, 2023
5:00 AM