Yes, TurboTax does this calculation for you if you provide all of the necessary details.
Here's how to enter your basis (nondeductible contributions) in your traditional IRA:
- Sign in to your TurboTax account.
- Select Deductions & Credits, then Edit or Pick up where you left off.
- Select Start or Edit to the right of Traditional and Roth IRA Contributions.
- Check the boxes for the type of IRA accounts you have and select Continue.
- Answer the next few screens according to your situation.
- When you get to Any Nondeductible Contributions to Your IRA? answer Yes, then select Continue.
- If you know your IRA basis, you can enter the basis as of December 31 of the prior year in the box provided.
- If you aren't sure about your basis, select Easy Guide. The program will walk you through figuring out your basis.
- Continue through the section until you return to the Income Summary.
There's a similar section for Roth IRA accounts that comes up right after the traditional IRA section.
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