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Retirement tax questions
Thanks for the reply, @DanaB27
I just tried again and selected only Traditional IRA at the beginning of the IRA contribution interview. After passing 9th bullet in your instruction (Let's Find Your IRA Basis), it navigates me to the following screens:
- Tell Us the Value of All Your Traditional IRA Accounts ($0)
- Is This a Repayment of a Retirement Distribution? (No)
- "Enter Your Roth IRA Contributions" and I enter "0."
- "Switch from a Roth To a Traditional IRA?" and I click on "No"
- "Let Us Track Your Roth IRA Basis" and I click on "No"
- "Do You Have any Excess Roth Contributions" and I click on "No"
- "Income Too High To Deduct an IRA Contribution"
And when I check the 1040 form, it's still saying $7000 is taxable in 1040 box 4b.
March 7, 2025
10:21 AM