- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
@VolvoGirl
> You enter the after tax contributions when you enter the 1099R.
I don't think it offers such an option to do so. When entering the 1099R for distribution from Traditional IRA:
1. All the amount in 1099R from Box 1 are marked as taxable in Box 2a.
- Total amount is $16,000
- $10,000 was rolled over from after tax 401k
- $6,000 was directly contribution
2.1099R Box 2b has "Taxable amount not determined" checked
3. In TurboTax Wage&Income section, I entered:
a. All amount were converted to a Roth IRA account
b. I made and tracked nondeductible contributions to IRA
c. Total Basis as of December 31, 2021 is $0
d. Value of Traditional IRA on December 31, 2022 is $0
4. In TurboTax Deductions & Credits section, for "Total 2022 traditional IRA contributions"
a. If I enter $16,000 (as mentioned in the original post), TurboTax thinks I'm over contributing as the contribution limit is $6,000.
b. If I enter $6,000 (as @dmertz suggested), the remaining $10,000 is considered as taxable, but they are not as they are after-tax dollars.
> Go back and delete the 1099R and try again.
I tried re-entering the 1099R's multiple times, unfortunately it does not help.