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Retirement tax questions
To clarify, you are trying to enter a backdoor Roth and you have a 2024 Form 1099-R with code 2 (if under 59 1/12)?
If yes, then it seems you entered a recharacterization instead of conversion. A conversion is entered by enter your Form 1099-R and indicating in the follow-up questions that you converted the money to the Roth IRA. Please edit your entry in the IRA contribution interview:
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
- Delete the entry on the "Tell Us How Much You Transferred" screen (this is for recharacterizations).
- 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 review How do I enter a backdoor Roth IRA conversion?
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April 14, 2025
3:46 PM
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