If you enter a 1099-R with a code that refers to a previous year, you will be asked to confirm what year your form represents, and then you get a message (not a question) that will tell you that you may need to amend the previous year. If you get the message and need to amend, you have to go to the previous year's tax return to amend the return.
If you are entering a backdoor Roth conversion, please refer to this link for the complete steps. If your conversion contribution was made in 2023 for tax year 2022, you'll need to check your 2022 return to make sure it includes Form 8606, Nondeductible IRAs. If this form 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.)
To enter this prior-year basis in TurboTax:
- On the Here's your 1099-R info screen, select Continue.
- Search 1099-R and select the jump to link to access this screen.
- Answer Yes to Any nondeductible Contributions to your IRA? if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2022 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs.
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