DanaB27
Expert Alumni

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)

 

@ineedhelpwithtaxes 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"