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some mix up----- just want to get my taxes done, I have moved from fla. to Tx. and have used Turbo Tax for several years.
Preface: I realize I jumped without looking or thoroughly researching backdoor Roth contributions.
In 2018, I made after tax contributions to my Traditional IRA for the first time and converted them to a Roth. This was done after I filed so I am filing an amended return now (trying) using TurboTax. Since my contribution was made after 12/31/2018 and converted before 4/15/2019 so I didn't receive a 1099-R until now (for 2019). TurboTax is generating an 8606 but shows no tax liability for 2018 with a future basis of $5,500 and there doesn't seem to be a way to enter information from my 5498 form (other than by overriding).
1. Does this sound like it is this calculating correctly?
Just because I thought this was such a great idea (see preface), I made another after tax contribution ($6,000) after 4/15/2019, for 2019, and converted that as well. I received a 1099-R for 2019 that shows both contributions ($11,500 total).
2. How do I incorporate/account for this information in TurboTax for my 2019 filing?
Epilogue: I have since rolled the entire balance (but not until 2020) of my traditional IRA into my employer's 401k (they allowed since was originally a roll over from a previous employer).
@toddd wrote:
Preface: I realize I jumped without looking or thoroughly researching backdoor Roth contributions.
In 2018, I made after tax contributions to my Traditional IRA for the first time and converted them to a Roth. This was done after I filed so I am filing an amended return now (trying) using TurboTax. Since my contribution was made after 12/31/2018 and converted before 4/15/2019 so I didn't receive a 1099-R until now (for 2019). TurboTax is generating an 8606 but shows no tax liability for 2018 with a future basis of $5,500 and there doesn't seem to be a way to enter information from my 5498 form (other than by overriding).
1. Does this sound like it is this calculating correctly?
Epilogue: See preface. I made another after tax contribution ($6,000) after 4/15/2019, for 2019, and converted that as well. 😪
I now have a 1099-R for 2019 that shows both contributions ($11,500 total).
2. How do I incorporate/account for this in TurboTax for my 2019 filing?
You should have filed a 8606 form with your 2018 (or need to file a stand alone 8606 now for 2018) that reports your 2018 non-deductible contribution and the carry forward basis in box 14.
Be sure to enter your 2019 contribution in the IRA contribution section and specify that it is to be non-deductible (if that question comes up). When entering the 2019 1099-R the follow-up question after the 1099-R summary screen will ask of you tracked the non-deductible basis and then ask for your prior contributions - enter the box 14 amount from the 2018 8606. Then enter the total value of ALL Traditional IRA accounts as of Dec 31, 2019. The 2019 contribution will be automatically put on a new 8606 form line 1 and the 2018 basis on line 2 so that both years are accounted for on the new 8606 that calculated the taxable & non-taxable amount.
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smallsheep
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jman42
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