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Form 8606 Backdoor Roth issue

Looking for help on my backdoor Roth and form 8606 with Turbotax.
In 2020 I made a 2019 traditional contribution of $6K and converted it the next day to a Roth
In 2020 I made a 2020 traditional contribution of $6K and converted it the next day to a Roth
I received one 1099R from my traditional IRA for $12,000.12

Using Turbotax my form 8606 shows I have $140 of taxable income. Why???
Line 1: $6k
Line 2: $6k
Line 3: $12,000
Line 4: blank
Line 5: $12,000
Line 6, 7, 8, 9: Blank
Line 10: x
Line 11 & 12: Blank
Line 13: $12,000
Line 14: 0
Line 15a: 2
Line 15b: Blank
Line 15c: 2
Line 16: $12,000
Line 17: $11,860
Line 18: $140!!!!!

Why do I have $140 of taxable conversion???

 

 

I am using the online version of Turbotax. I copied the info from the worksheets and posted them below. Form 8606 is the only place in my return where I see the amount $11,860. I can’t for the life of me figure out where that amount comes from. I guess I will have to call Turbotax unless anyone has an idea where it is coming from.

 

20200 Transactions – Contributions
Regular Roth IRA contributions: BLANK
Rollover from Roth 401(k) and Roth 403(b): BLANK
Conversion contributions taxable at conversion: $140
Conversion contributions not taxable at conversion$11,860
Repayments of qualified Roth reservist distributions

Balance c/over to 2021 (Basis – After 2020 Transactions)
Conversion contributions taxable at conversion: $140
Conversion contributions not taxable at conversion$11,860

Thanks!

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1 Reply
DanaB27
Expert Alumni

Form 8606 Backdoor Roth issue

Usually, if you had earnings or deductible contributions in your traditional IRA then each distribution/conversion will have a allocation of tax-free (from your basis) and taxable amount.

 

Please check what you enter for your value of your traditional IRA after you entered your basis on the "Tell us your value of your traditional IRA" screen.

 

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