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penname
Returning Member

Incorrect basis Backdoor Roth

Turbotax thinks both my husband and I have 6000 in basis from last year. We have no funds in a traditional IRA. We have rolled over funds in time to a roth. How do I fix this? Do I need to download the desktop version so I can manually do form 8606?

 

Thanks so much for all and any help!!

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1 Reply
DanaB27
Expert Alumni

Incorrect basis Backdoor Roth

Please check the entries on the "Let's Find Your IRA Basis" screen:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top 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. Check entries on the "Let's Find Your IRA Basis" screen.
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