I'm working on some Roth Conversions that I will take place at the end of 2022 next week. How can I get into "It's Deductible" now?

[taquinn5]

I will use the information before Jan 1, 2023, as I'm going to do some Roth Conversion before the end of the year, and I'm trying to get into It'sDeductible, and so far I cannot find out to get into it.   Any suggestion?  Or is it not available yet.  I'm willing to use 2021 tables, because that would be close enough.

[Anonymous_]

ItsDeductible?

https://turbotax.intuit.com/personal-taxes/itsdeductible

[SteamTrain]

I'm just having difficulty seeing what a ROTH conversion has to do with ItsDeductible.

...or..

perhaps you are doing something that isn't clear in your post.

[Anonymous_]

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@SteamTrain wrote:

I'm just having difficulty seeing what a ROTH conversion has to do with ItsDeductible.

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Exactly! What are you trying to accomplish, @taquinn5?

[NCperson]

@Anonymous_ @SteamTrain - I am going to take a guess..... he is trying to figure out his AGI and taxable income for one of two purposes (or both)

1) maximizing the Roth conversion without going into the next tax bracket (taxable income)

2) maximzing the ROTH conversion without going into the next tier of IRMAA.  (AGI) 

more likely #2 than #1 as going just 1 dollar over the tier limit is quite expensive.  

[Anonymous]

I have a related question.  I did a partial conversion from a traditional IRA with a non-deductible basis in the 4th qtr.  I will need to make an estimated payment to avoid a penalty.  I think the taxable amount is conversion amount minus (total basis divided by total value of all IRAs)(conversion amount).  TTO has my carry over basis and the other amounts, but I don't see anywhere that it reduced the taxable amount.  I know the 1099R will have taxable amount not determined, so how do I figure the taxable amount of the conversion, or make TTO do it for me?  

[fanfare]

you have to tell turbotax in the interview that you have a prior years basis and/or non-deductible contribution.

after that, Form 8606 is generated and the calculation is done on that form.

@Anonymous 

[Critter-3]

As you enter the 1099-R for the conversion you need to complete all the follow up screens to indicate the basis you have in all your traditional IRA accounts so a form 8606 will be populated automatically.

[Anonymous]

So, no 8606 generated.  All the applicable info appears on the IRA info Worksheet--basis, conversion amount, year end value.  The total tax due does not reflect any change wether I use full basis or zero basis.  

[Anonymous]

Latest update, I found the 8606 in Forms.  It quick zoomed me to a Taxable IRA Distribution Worksheet, which is not populating.  I can now do the math to determine my tax estimated payment, and will wait and see what happens when I do my final tax preparation in the new year.  

[fanfare]

when you drill down to a worksheet, your entries there will propagate up to the Form,

in this case, Form 8606.

OR
just use the interview.

@Anonymous