I had contributed $1100 to a traditional IRA in 2015. This was non deductible. This amount was invested. In 2016 my wife contributed $5500 (deductible) into her traditional IRA. In 2017 both my wife and I each contributed $5500 into traditional IRA. Then in 2017, I did a backdoor Roth conversion and converted both our traditional IRAs to a Roth IRA. How do I use turbo tax to report this? The amount from my 1099R is getting added to my income and I am getting double taxed.
Take a look at the TurboTax article below for step-by-step instructions to enter your Back Door Roth contributions.
One key point to watch is entering your previous non-deductible basis ($1100).
When all is done, you should see the total amount of distributions from your Form 1099-R (both you and your spouse) reported on line 15a. Line 15b should be the sum of any earnings in your IRA from the 2015 contribution that was invested plus $5500 (and earnings if any) from your wife’s deductible 2016 IRA contribution.
https://ttlc.intuit.com/replies/6768029
Take a look at the TurboTax article below for step-by-step instructions to enter your Back Door Roth contributions.
One key point to watch is entering your previous non-deductible basis ($1100).
When all is done, you should see the total amount of distributions from your Form 1099-R (both you and your spouse) reported on line 15a. Line 15b should be the sum of any earnings in your IRA from the 2015 contribution that was invested plus $5500 (and earnings if any) from your wife’s deductible 2016 IRA contribution.
https://ttlc.intuit.com/replies/6768029
@TurboTaxAnnetteB That worked like a charm!! 🙂 Thanks for the detailed answer.