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Retirement tax questions

If your contributions to the traditional IRA were nondeductible please ensure that after the "Your 1099-R Entries" screen you click "continue" and answer "yes" to "Any nondeductible Contribution to your IRA?" and answer the questions about the basis.

You can review your Form 1040:

  1. Select Forms in the upright-hand corner of the screen.
  2. Select Form 1040 from the menu in the left side of the screen.
  3. Use the scroll bar to find:
    • Line 4a IRAs, pensions, and annuities. Your backdoor Roth IRA amount should be listed.
    • Line 4b Taxable amount should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to Roth IRA.
  4. Select Schedule 1 from the menu in the left side of the screen. Line 32 IRA deduction should be blank.

If your contributions to the traditional IRA were deductible then please be aware that this conversion to Roth will be included in your taxable income.

Please see this FAQ for additional information:

https://ttlc.intuit.com/replies/6768029

 If you already reported the January 2018 Roth conversion on your 2017 tax return then you will have  to amend the return:

https://ttlc.intuit.com/replies/6603004