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Level 3
posted Jun 4, 2019 12:10:35 PM

Opened up a trad IRA May 2018, passed income limits to be deductible. I now need to convert to Roth-How to handle 2018 / 19 tax years...or can I do everything in 2018?

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1 Best answer
Level 15
Jun 4, 2019 12:10:39 PM

The traditional IRA contribution and the Roth conversion are separate transactions.

A Roth conversion performed in 2019 will be reportable on your 2019 tax return.

You'll only enter your traditional IRA contribution into 2018 TurboTax.  TurboTax will prepare 2018 Form 8606 Part I to show the nondeductible contribution, with the amount on line 14 carrying forward to 2019 to be included on your 2019 Form 8606 line 2.

1 Replies
Level 15
Jun 4, 2019 12:10:39 PM

The traditional IRA contribution and the Roth conversion are separate transactions.

A Roth conversion performed in 2019 will be reportable on your 2019 tax return.

You'll only enter your traditional IRA contribution into 2018 TurboTax.  TurboTax will prepare 2018 Form 8606 Part I to show the nondeductible contribution, with the amount on line 14 carrying forward to 2019 to be included on your 2019 Form 8606 line 2.