Backdoor ROTH Conversion - 2 tax years' contributions

[slee_us]

I made a non deductible IRA contribution in March 2019 for tax year 2018 and immediately converted it to ROTH as a backdoor conversion. Then in December, 2019, I made a similar IRA contribution for tax year 2019, and also converted it to ROTH immediately. I have received 2 1099-R for 2019 - one for the March conversion, and one for the December conversion even though they are for 2 different tax years. How do I handle in Turbo Tax for 2019 tax return? Thank you

[macuser_22 · Accepted solution]

First enter your 2019 non-deductible contribution in the IRA contribution section (below) and then enter the 1099-R for the distribution/conversion (below) and enter the 2018 8606 (that you were required to file on your 2018 tax return), line 14 carry forward non-deductible basis when asked for it.

The 1099-R's are both for 2019 since the conversions were done in 2019.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2019.

That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.

NOTE: If there is an * next to line 15 then 6-15 will be blank and the calculations will be on the "Taxable IRA Distributions worksheet instead.

[slee_us]

Thank you so much for the quick response.  I really appreciate your help!