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Retirement tax questions
Yes, you will enter the Form 1099-R as shown and the amount converted should be $12,500.
After you entered all Form 1099-Rs you will need to click continue to enter your $6,000 basis from 2022 when TurboTax asks “Any Nondeductible Contributions to Your IRA?”
"If the 2022 Form 8606 isn't included in your 2022 return, you'll need to fill out a 2022 Form 8606 to record your nondeductible basis for conversion, and mail this form to your designated IRS office. Don’t amend your 2022 return to record your basis.
Note: If you're required to file Form 8606 to report a nondeductible contribution to a traditional IRA, but don’t do so, you’ll be subject to a $50 penalty. This penalty can be waived if you can show reasonable cause." (FAQ)
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April 10, 2024
8:28 AM