Yes, you will exclude the non-deductible IRA contribution from being taxed by entering the basis of your Traditional IRA account.
This can be done in the Personal > Deductions and Credits > Retirement and Investments > Traditional and Roth IRA Contributions section of your return.
As you get started in that section, check the box that you have a Traditional IRA and go through the screens until you see a question about 'any non-deductible contributions' to your IRA. Check 'yes' and then enter the total basis of the account as of the end of 2021. Remember, this is only asking for the non-deductible contributions that were made, not the total value of the IRA.
Use the following steps to jump directly to the section where you will enter the Traditional IRA basis:
- On the top row of the TurboTax screen, click on Search
- This opens a box where you can type in “IRA contributions” (be sure to enter exactly as shown here)
- The search results will give you an option to “Jump to IRA contributions”
- Click on the blue “Jump to IRA contributions” link
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