Retirement tax questions
@brgeren wrote:
Yes these are all non deductible. I can still do another $6000 in 2020 for 2020 then right?
also, how do I enter the 2019 contribution done in 2020 into turbo tax? Do I invent my own 1099R, do i update the numbers in the current one, do I override the 8606 manually and just hope the numbers update as needed?
thanks!
Yes, the 2020 contribution is separate from the 2019 contribution. You report that on your 2020 tax return.
Enter the 2019 contribution in the IRA contribution section. It will ask for the total 2019 contribution and then how much of that contribution was contributed between Jan 1, and Apr 15 2019.
Be sure (if the screen comes up) to indicate that you want it to be non-deductible. The screen will not come up if it is already non-deductible because of MAGI limitations.
This will automatically produce a 8606 for with the 2019 contribution on line 1 & 4.
This will not affect any 2019 1099-R whatsoever. That non deductible amount while *for* 2019 cannot be used to offset any 2019 tax since it was not actually in the account in 2019. It will be there for a future distribution. That is why it is also on line 4 on the 8606 which prevents it from offsetting any 2019 distributions.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
Be sure to indicate which spouse the contribution is for.
