Can you tell me where and how to enter the following 3 items on turbo tax premier: (1) a traditional IRA contribution, (2) a traditional ira to a Roth IRA conversion and (3) a 401(k) to a traditional IRA rollover? Do I use the wages and income or the deduction and credits IRA sections? And how do I answer the questions on Turbotax?
Please see the FAQ below for instructions on entering the Back Door Roth.
- After the 1099-R entry screen, you will see a screen, What Did You Do With The Money From IRA? Mark the button that you moved the money to another retirement account.
In the section, Choose which of the following applies:
- If you put back the entire $15,000 (which includes the amount of withholding), choose the first option -- "rolled over all of this money to another traditional IRA or other retirement account (or returned it to the same account)."
- If you put back the net amount your received ($15,000 minus the withholding), select the third option-- "did a combination of rolling over, converting, or cashing out the money." [You will be asked how much of the distribution was rolled over]
If you indicated
that you put pack the entire amount, TurboTax will confirm the actual amount
that you put back-- How Much Money Did You Actually Deposit?
- If you indicated that you did not put back the withholding, on the next screen, Report Partial Rollover, enter the net amount you put back. [If you don't put anything in this box, TurboTax will tax the entire distribution.]
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