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Retirement tax questions
It sounds like you are entering your Roth IRA contribution in the Deduction & Credits section.
First, you will need to delete this entry by following these steps in TurboTax Online:
- 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 Start next to Traditional and Roth IRA Contributions
- Uncheck the IRA box and select Continue
- Answer Yes to the question Remove Roth IRA Contributions?
A Back Door Roth requires two steps in TurboTax.
The first step is to report your 2023 non-deductible Traditional IRA contribution on Form 8606. Please follow these steps from this TurboTax Help Article:
- 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 Start 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 the Your IRA Deduction Summary screen
The second step is to report the conversion from the Traditional IRA to the Roth IRA. Assuming the conversion was in 2023, you should report your Form 1099-R as follows:
- Select Wages & Income
- Locate the Retirement Plans and Social Security section and select Show more, then select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
- Answer Yes to Did you get a 1099-R in 2023?, then Continue.
- If you land on the screen, Your 1099-R Entries, select Add Another 1099-R
- Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.
- Answer the questions on the following screens, until you reach Tell us if you moved the money through a rollover or conversion.
- Select I converted some or all of it to a Roth IRA and Continue
- Next, choose Yes, all of this money was converted to a Roth IRA and click Continue
- Continue answering questions until you come to the screen, Review your 1099-R info
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March 7, 2024
7:59 PM