You'll need to sign in or create an account to connect with an expert.
You will enter the nondeductible contribution on your 2020 tax return:
Then next year when you get the 1099-R you will enter the conversion on your 2021 tax return:
Thanks this is helpful.
For #8 - Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contributions before this tax year.
I did not have any previous traditional or roth ira and this is my first time contributing.
I assume then for #10 - On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount. - I do not get an option to fill this out and that is ok, right?
If you did not have any prior nondeductible contribution to a traditional IRA, then select 'No" to question “Any Nondeductible Contributions to Your IRA?” .
Yes, if you had a retirement plan at work and exceed a certain income limit the traditional IRA contribution will nondeductible and you will only get a screen that your contribution is nondeductible/ $0 are deductible.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ronequettetax
New Member
jj_56
New Member
inmanlanier1
Returning Member
zhaq7
New Member
txmet
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.