2540152
You'll need to sign in or create an account to connect with an expert.
The steps here will help you enter your 'backdoor Roth'. If existing IRA's contain any pre-tax money or earnings then it will be partly taxable when you take money from it to fund a Roth IRA. This will be worked out in the tax return using Form 8606. Keep in mind that your tax return does not keep track of your Roth IRA cost basis so it's very important that you continue to track that until you take a distribution or retire.
TurboTax calculates the taxable part based on the information entered about the basis and the value of all traditional, SEP and SIMPLE IRAs on December 31, 2021 (step 7 below).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
davsemah
New Member
tcondon21
Returning Member
dpa500
Level 2
RyanK
Level 2
derrickbarth
Level 2