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Level 2
posted May 1, 2021 12:51:48 PM

I did backdoor traditional IRA to Roth conversion for 2020 in year 2021. I did immediate conversion and no gain associated. I do not have 1099-R. How to report in taxes.

Since the traditional contribution and immediate Roth  conversion was done in 2021 for year 2020, form 1099-R will not be given this year. I spoke to Fidelity and they will  not issue form now... how do i proceed with filing taxes 2020?

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1 Best answer
Expert Alumni
May 1, 2021 1:11:56 PM

You will enter the contribution for 2020 on your 2020 tax return:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions”
  3. Click on “Jump to IRA contributions"
  4. Select “traditional IRA
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  6. Enter the amount you contributed
  7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  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.
  9. If you had a basis in the Traditional IRA before then enter the amount.
  10. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount. (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)

 

 

Then next year on your 2021 tax return you will enter the 1099-R conversion: 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Click "Continue" and enter the information from your 1099-R
  5. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA
  6. On the "Your 1099-R Entries" screen click "continue"
  7. Answer "yes" to "Any nondeductible Contributions to your IRA?" since you had any nondeductible contributions in 2020.
  8. Answer the questions about the basis (the nondeductible contribution for 2020 is deemed to have been made on Dec 31, 2020) and value

 

 

 

1 Replies
Expert Alumni
May 1, 2021 1:11:56 PM

You will enter the contribution for 2020 on your 2020 tax return:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions”
  3. Click on “Jump to IRA contributions"
  4. Select “traditional IRA
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  6. Enter the amount you contributed
  7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  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.
  9. If you had a basis in the Traditional IRA before then enter the amount.
  10. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount. (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)

 

 

Then next year on your 2021 tax return you will enter the 1099-R conversion: 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Click "Continue" and enter the information from your 1099-R
  5. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA
  6. On the "Your 1099-R Entries" screen click "continue"
  7. Answer "yes" to "Any nondeductible Contributions to your IRA?" since you had any nondeductible contributions in 2020.
  8. Answer the questions about the basis (the nondeductible contribution for 2020 is deemed to have been made on Dec 31, 2020) and value