@cjmpayne wrote:
Hi,
I contributed to a nondeductible IRA in March 2019 for 2018, then did then converted the amount to a Roth IRA immediately after. I realized I didn't complete the 8606 form when i filed my 2018 taxes.
I have a couple of questions, (1) when I go back to complete the 8606 form for 2018, what do i put in line 2 for the total basis in traditional IRAs? (I converted the ira to roth a day after opening)
(2) How do I account for this in Turbo tax on my 2019 taxes? I have gone through the screens multiple times and I'm lost.
Any help is greatly appreciated!
Thanks!
On the 2018 8606 line 2 would be the line 14 amount from the last filed 8606 before 2018 - if none then 0 (zero).
Question #2:
Enter a 1099-R here:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
You will be asked of you had and tracked non-deductible contributions - say yes. The enter the amount from the last filed 8606 form line 14 if it did not transfer. Then enter the total value of any Traditional, SEP and SIMPLE IRA accounts that existed on December 31, 2019.
That will produce a new 8606 form with the taxable amount calculated on lines 6-15 and the remaining carry-forward basis on line 14.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
