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Retirement tax questions
No, you will not receive the form from the broker until 2025 and it will be reported on your 2024 return.
For your 2023 return, you need to enter your non-deductible IRA contribution, which flows to Form 8606.
From the TurboTax Help article, here are the steps to do so:
- Sign in to your TurboTax account.
- Open your return if it’s not already open.
- Select Federal from the menu, then Deductions & Credits.
- Locate the Retirement and Investments section and select Show more.
- Select Start or Revisit next to Traditional and Roth IRA Contributions.
- Check the Traditional IRA box and select Continue.
- Answer Yes to the question, Did you Contribute To a Traditional IRA?
- Answer No to the question, Is This a Repayment of a Retirement Distribution?
- On the screen, Tell Us How Much You Contributed, enter the amount contributed and select Continue.
- Answer No on the screen Did You Change Your Mind?, then answer the questions on the following screens.
- When you reach the Choose Not to Deduct IRA Contributions screen, select Yes, make part of my IRA contribution nondeductible, enter the amount you contributed, then select Continue. If none of your contribution can be deducted, you won't see the option to make part of it nondeductible. Instead, the full amount of your contribution will automatically be nondeductible.
- Select Continue on Your IRA Deduction Summary.
For more information, please see this TurboTax Help Article: How do I enter a backdoor Roth IRA conversion?
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March 2, 2024
9:01 AM