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Retirement tax questions
Critter, if TurboTax is indicating that income is too high to deduct the traditional contribution, income is also too high to qualify for any Retirement Savings Contributions Credit.
BusterPosey23, until you enter your nondeductible traditional IRA contribution, TurboTax does not have this addition to your basis in nondeductible traditional IRA contributions to apply in reducing the taxable amount of your Roth conversion. You should expect your refund to increase in your refund when you enter the nondeductible traditional IRA contribution because doing so allows TurboTax to treat more of your Roth conversion as nontaxable, an amount that TurboTax was previously treating as taxable.
‎February 17, 2020
6:12 AM