I converted my traditional IRA from 2018 to Roth IRA in Feb 2020. Is this called a conversion?
I also put money in a traditional IRA in feb 2020, for year 2019 on a non deductible basis.
When i enter the amount as recharacrterized, the amount of tax goes up by 6k in Turbo tax. Not sure why.
It also asks if i have made and kept track of any non deductible contributions to my traditional IRA from 2018 or prior years. Should i click on yes or no since the contribution is for year 2019 only?
It also says finally that i have a penalty because i made an excess contribution to my Roth IRA. I just converted my non deductible traditional IRA to Roth IRA.
I also want to know which forms I should fill- 1099R and 8606? But 1099R has not been given to me yet by my trustee.
What should i fill on different lines on form 8606?
posted
last updated
May 10, 2020
11:34 PM