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Retirement tax questions
The traditional IRA contribution for 2019 is to be reported in 2019 TurboTax under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions. TurboTax will automatically prepare Form 8606 to report your nondeductible traditional IRA contribution.
The Roth conversion performed in 2020 is reportable on your 2020 tax return, not on your 2019 tax return. 2020 TurboTax will take the amount from line 14 of your 2019 Form 8606 and include it on line 2 of your 2020 Form 8606 to be used in calculating the nontaxable and taxable amounts of your Roth conversion performed in 2020.
March 11, 2020
10:46 AM