The $11,000 was a non-deductible contribution to an IRA for 2016 and 2017, followed the next day for each of a conversion to a Roth IRA. TurboTax shows a Form 8606 with a $0 on Line 18, so not sure what the problem is. TurboTax only asked for my 5498s, which I can provide, but does anyone understand what the issue is? I remember really wrestling with this when I did my taxes then. The Traditional IRA was otherwise empty.
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did you report the 1099-R on your returns
Doing a "backdoor Roth" in TurboTax is a 2-step process.
First, go to Federal Taxes > Deductions & Credits > I'll Choose What to Work On > Retirement and Investments > Traditional and Roth IRA Contributions. Enter the contribution to the Traditional IRA (TIRA) that you made. Depending on your income and if you have a retirement plan at work, TurboTax will either tell you that your contribution is not deductible or it will ask you "Do you want to make your IRA contributions nondeductible?"
Once TurboTax knows that your TIRA contributions are nondeductible (that is, you have a basis in your TIRA), then enter your 1099-R at Federal Taxes > Wages & Income > I'll Choose What to Work On > Retirement Plans and Social Security > IRA, 401(k), Pension Plan Withdrawals (1099-R). For a Roth conversion, the 1099-R usually has a Distribution Code 2 in Box 7. That means it is an early distribution but an exception applies so there is no penalty.
To check that the right results show, look at your 1040 form. There should be no entry on Line 32 for IRA deduction. The Box 1 amount from your 1099-R should appear on Line 15a of your 1040, but Line 15b should be zero.
Just want to let everyone know that TurboTax accepted this, so it is done. Thanks everyone for the help. However, one of the other issues, they did not (dependent daycare) they did not, so let me post on that thread
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