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Retirement tax questions
You will enter the nondeductible Traditional IRA contribution on your 2024 return and TurboTax will fill out Form 8606 with the basis on line 14 of $7,000. This will get carried over to your 2025 return. You will report the conversion next year on your 2025 return when you get the 2025 Form 1099-R for the conversion.
On your 2024 return:
- Login to your TurboTax Account
- 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” if you had a nondeductible contribution before this tax year.
- Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (if you had a basis in the prior year)
- On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (if you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible).
Please see How do I enter a backdoor Roth IRA conversion? for detailed instructions.
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April 8, 2025
1:01 PM