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Retirement tax questions
If you made nondeductible traditional IRA contributions in prior years, then you should have Form 8606 with a basis on line 14 from the prior year which you will enter during the interview when TurboTax asks, “Any Nondeductible Contributions to Your IRA?”. TurboTax will use Form 8606 to calculate the taxable part of the traditional IRA distribution.
To record the IRA distribution (Form 1099-R):
- Click "Federal Taxes" on the top and select "Wages & Income"
- Click "I'll choose what to work on"
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
- Answer "Yes" to the question "Did You Have Any of These Types of Income?"
- Click "I'll Type it Myself"
- Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
- Click "Continue" and enter the information from your 1099-R
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contribution 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
If you made a backdoor Roth conversion (made nondeductible traditional IRA contributions and then converted them to Roth) instead of a distribution then please see: How do I enter a backdoor Roth IRA conversion?
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March 2, 2024
1:57 AM