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Retirement tax questions
To confirm, you did not enter a conversion at all on your 2021 return? If you did not have a conversion to Roth IRA in 2021 then you Roth basis tracked in TurboTax is incorrect. This would only be important if you plan on withdrawing your Roth IRA contributions before you are 59 1/2 and plan on withdrawing more than the regular contributions. Please see Ordering Rules for Distributions for more details.
After you verified that you do not have had a taxable conversion in 2021 you can edit the Roth basis in TurboTax:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Select "Yes" on the "Let is Track your Roth IRA basis"
- On the "Tell Us the Year" screen it seems you will have 2021 checked, click "continue"
- Delete the amount on the "Enter 2021 Conversions"
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April 9, 2024
12:07 PM