DanaB27
Expert Alumni

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:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. On the "Review your 1099-R info" screen click "Continue"
  4. Answer "Yes" to "Any nondeductible Contributions to your IRA?
  5. Enter he basis from line 14 of your 2023 Form 8606 (or last filed Form 8606)

 

 

In the IRA section:

 

  1. Click on "Search" on the top right and type “IRA contributions” 
  2. Click on “Jump to IRA contributions"
  3. Select “traditional IRA
  4. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  5. Enter the amount you contributed
  6. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  7. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes
  8. Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (or last filed Form 8606).
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