How do I log a backdoor Roth IRA contribution that was done for 2016 tax year but did it in Jan 2017?

[jenn-lan]

I contributed to IRA in January 2017 for my 2016 taxes. I contribute to the traditional IRA account with immediate conversion to roth IRA (backdoor Roth IRA).  Am I able to account of this in turbotax?

[taylorkaercher12]

Yes, you should.

[dmertz]

Since the traditional IRA contribution was made for 2016, you report the nondeductible traditional IRA contribution on your 2016 tax return with 2016 TurboTax under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.  TurboTax will prepare Form 8606 to record your basis in nondeductible traditional IRA contributions.  Do not report anything about a Roth IRA with regard to this traditional IRA contribution.

You'll report the Roth conversion on your 2017 tax return by entering the 2017 From 1099-R into 2017 TurboTax.  TurboTax will transfer in your basis in nondeductible traditional IRA contributions from your 2016 Form 8606 line 14, when you begin your 2017 tax return.

[Anonymous]

Hi dmertz. Thanks. Your answer helped me. I have a follow up question. What should I enter in my TurboTax for the Basis amount? Shall I just say 0?

[kvitense]

Pulibidda007, look at step 11 in this link: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/5753549">https://ttlc.intuit.com/replies/5753549</a>

[normaliz57]

Hi, I have this exact same program except I did not do my taxes for 2016 in turbo tax so it thinks I received it as a distribution. How do I add my 8606 info from 2016

[dmertz]

To add your basis info from a 2016 Form 8606 that was not prepared by TurboTax, after entering the Form 1099-R for the Roth conversion, click the Continue button on the Your 1099-R Entries page, answer Yes when asked if you made and tracked nondeductible contributions to your traditional IRAs, then enter your total basis as of December 31, 2016 that was shown on line 14 of your 2016 Form 8606.