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Retirement tax questions
You can enter the prior year basis either in the IRA contribution interview or in the retirement section.
In the retirement section:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- On the "Review your 1099-R info" screen click "Continue"
- Answer "Yes" to "Any nondeductible Contributions to your IRA?"
- Enter he basis from line 14 of your 2023 Form 8606 (or last filed Form 8606)
In the IRA section:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution?”
- Enter the amount you contributed
- Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
- Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes”
- Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (or last filed Form 8606).
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February 23, 2025
2:00 AM