- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Thanks macuser_22. Unfortunately, I followed your instructions exactly and it's still showing my nonworking spouse's contribution ($6,000) as taxable in the 1040 form.
Here's what I'm doing:
- Start on "Traditional IRA and Roth IRA" screen
- Check "Traditional IRA" for both me and my spouse. Leave Roth IRA unchecked.
- Is This a Repayment of a Retirement Distribution? No
- Tell Us How Much You Contributed: $6000
- Tell Us How Much You Transferred: $0
- Any Excess IRA Contributions Before 2019? No
- Any Nondeductible Contributions to NAME's IRA? Yes
- Let's Find Your IRA Basis. Total Basis As of December 18, 2018: $5500
- Explanation: I contributed $5500 on Dec 30 2018 and $6000 on Jan 2, 2019, then converted both to Roth.
- Tell Us the Value of All Your Traditional IRA Accounts: $0
- Is This a Repayment of a Retirement Distribution? No
- [Spouse] Tell Us How Much You Contributed: $6000
- [Spouse] Did You Change Your Mind? No
- [Spouse] Any Excess IRA Contributions Before 2019? No
- [Spouse] Any Nondeductible Contributions to NAME's IRA? Yes
- [Spouse] Let's Find Your IRA Basis: $5500 (same as my own)
- Income Too High To Deduct an IRA Contribution. Continue
- [Spouse] Choose Not to Deduct IRA Contributions: Yes, $6000
- Note: changing this figure makes no difference. No matter what I put, my taxes don't change.
- Your IRA Deduction Summary: $0
- If I put $0 in #17, this figure is $6000. But my 1040 still shows $6000 as taxable no matter what. The only way to get rid of the $6000 taxable is to delete my spouse's 1099-R entirely.
Any ideas? Thanks again.
‎February 26, 2020
11:27 PM