@JenNC wrote:
In the Turbotax CD questionairre, for Traditional IRA and Roth IRA, If I put non-deductible funds into an IRA in Jan'20 for 2019 tax year, then plan to convert these funds to a Roth before Apr 2020, for the Question "Select the kind of IRA(s) you will contribute to this year, do I select both IRA and Roth or just IRA?
When I entered my IRA and Roth contributions using the Turbotax questions, my refund decreased. I don't think it should have changed. I contributed the $7000 for 2019 tax year and in Jan 2019 I contributed $6500 to IRA then converted these $ to Roth 4 wks later.
My post above did not post my comments so I will retry.
If you contributed a non-deductible contribution in 2020 *for* 2019 the enter that into the IRA contribution section. That should produce a 8606 for with the contribution on lines 1 and 4.
It makes no difference when in 2020 you do the conversion, it will be a 2020 conversion if done after December 31,2019. The 2019 non-deductible contribution will apply only to conversions done after December 31, 2019. While you can *contribute* to a 2019 IRA prior to Apr 15, the non-deductible part is not retroactive to 2019 and the Apr 15 date does not apply to conversions.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
