DeanM15
Expert Alumni

Retirement tax questions

As this is a contribution to a non-deductible IRA, your basis would be $6000. You paid Federal and PA tax on this income already.

 

However, your basis should be carried forward from the federal IRA. I would check your federal form first, before changing anything on the PA return. 

 

To pull up a copy of your 2019 Form 1040 and Schedules 1 to 3, follow these directions:

  • You should be signed in and working in TurboTax
  • Click on Federal in the main left-hand side menu
  • Click Tax Tools, then Tools in the main left-hand side menu
  • In the pop-up window, click on View Tax Summary
  • The left-hand menu has now changed, click on View My 1040

You should see that none of the 6K is coming through as income on Line 4 of the 1040. You should also see no Penalty on Line 6 of Schedule 2.

 

 

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