Yes. You may follow the steps below; In Turbo Tax Home Screen, click Tax Tools, then Tools. Type in the search bar 1099-R. Click Add another 1099R, click continue. Click "Change how i enter my form" then continue In "How do you want to add your 1099-R?", click type it in myself. Answer the interviews, then click continue. Enter the 1099-R provider's info, then continue. On the question, "Do any of the situation apply to you?", select "I took money due to the impact of Covid-19". if it was. Answer Yes "Did you rollover the gross amount to another retirement account?A backdoor Roth IRA is a legal way to get around the income limits that normally restrict high earners from contributing to Roth. You're allowed to contribute the lesser of your earned income or $6,000 in a traditional IRA, which can then be converted to a backdoor Roth IRA. If you're 50 or older, you can also make an additional catch-up contribution of $1,000 each year.

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eturge011

Level 2

Question

Backdoor roth still instructions still dont work, WTF?

Forum|Forum|5 years ago
April 7, 2021
1 reply
0 views

No text available

TurboTax Self Employed Online

JoannaB2

Level 9

Yes. You may follow the steps below;

In Turbo Tax Home Screen, click Tax Tools, then Tools.
Type in the search bar 1099-R.
Click Add another 1099R, click continue.
Click "Change how i enter my form" then continue
In "How do you want to add your 1099-R?", click type it in myself.
Answer the interviews, then click continue.
Enter the 1099-R provider's info, then continue.
On the question, "Do any of the situation apply to you?", select "I took money due to the impact of Covid-19". if it was.
Answer Yes "Did you rollover the gross amount to another retirement account?

A backdoor Roth IRA is a legal way to get around the income limits that normally restrict high earners from contributing to Roth. You're allowed to contribute the lesser of your earned income or $6,000 in a traditional IRA, which can then be converted to a backdoor Roth IRA. If you're 50 or older, you can also make an additional catch-up contribution of $1,000 each year.

eturge011Author

Level 2

This is precisely what I did and it didn't work. When I preview the 1040, it shows that $5200 of this money is taxable. None of it should be.

DanaB27

Level 15

Please review the instructions below for a backdoor Roth. If you made the nondeductible contribution in prior years then please pay special attention to steps 7 and 8 when entering the conversion part.

Please be aware, that any earnings will be taxable. Also, if you had deductible amounts in the traditional IRA then each distribution will have an amount allocated to the taxable part.

If you made the nondeductible contributions for 2020 then please enter the traditional IRA contribution like this:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”
Answer “No” to “Is This a Repayment of a Retirement Distribution?”
Enter the amount you contributed
Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contributions before this tax year.
If you had a basis in the Traditional IRA before then enter the amount.
On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount. (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)

To enter the 1099-R distribution/conversion:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
On the "Your 1099-R Entries" screen click "continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis and value