Yes, you will report this as a non-deductible on your return. This transfers to Form 8606 that tracks non-deductible contributions.
- Go to the Deductions & Credits section.
- Scroll down to Retirement & Investments.
- Select Traditional and Roth IRA Contributions and click Start/Revisit.
- When asked if you contributed to a Traditional IRA, select Yes.
- Enter the amount you contributed.
- If TurboTax asks whether you want to deduct the contribution, select No (since it's non-deductible).TurboTax will generate Form 8606, which tracks your basis in the IRA.
Once this information is entered into the 8606, you won't be taxed on the Roth conversion when the conversion takes place.
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