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newkedxb88
New Member

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

 
6 Replies
DanaB
Intuit Alumni

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

Please follow the instructions below:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3. Click "Federal" from the left side of your screen
  4. Scroll down to “Retirement Plans and Social Security” and click “Show more
  5. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  6. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  7. Click "I'll Type it Myself"
  8. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  9. Click "Continue" and enter the information from your 1099-R
  10. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  11. Then choose “I converted all of this money to a Roth IRA account.”
  12. On the "Your 1099-R Entries" screen click "continue"
  13. Answer "yes" to "Any nondeductible Contributions to your IRA?"
  14. Answer the questions about the basis

briglaroche
New Member

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

I will try your recommendations, but believe I've already took that path. I seem to get taxed again on the nondeductible amounts. As though the information does not create appropriate 8606's or the software does not take into consideration that all the 1099-R distributions were from nondeductibles and the conversions were moved to ROTH retirement accounts. I will retry and let you know how it turned out. I appreciate the help.
DanaB
Intuit Alumni

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

 Please be aware that the whole distribution will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount).
You can preview Form 1040:
1.On the left side of your screen, select Tax Tools, then Tools.
2. Under Tool Center, select View Tax Summary.
3. On the left side of your screen, select Preview my 1040.
briglaroche
New Member

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

Can you help enter the question about basis so I can  not see my amount due increase?
Also, maybe the problem is that my issuer has put in box 2a Taxable Amount the same value as in box 1 (the distributed amount); the issuer is not aware of the contribution back to a ROTH IRA... Will the action you recommended take care of that or should I be re-issued a new 1099-R?
DanaB
Intuit Alumni

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

When you enter the basis (nondeductible contribution amount) this should take care of it without needing a new 1099-R. Of course the earnings in the account that are converted will be taxable.
briglaroche
New Member

How do i enter 1099-R and 8606 involving the distribution of multiple years of Traditional IRA with their conversion to ROTH IRA accounts? All T IRA were nondeductible.

of course I'm expecting to pay taxe on any earnings, if any... I just hope that I'm entering the basis corectly. Let me give it a try.
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