Please help with what to enter: Deductions & Credits - Tell us value of all your TIRAs at the end of 2020

Hi,

Would someone please help with what to enter for TIRA 2020 year end balance.

I max my IRA contributions within the calendar year, every year. I only have 1 TIRA and only use it for back door RIRA conversions (it never has a balance after the conversions)

Early in 2020 (for 2019 taxes) I rechar'd some 2019 RIRA contributions to TIRA then converted all TIRA balance back to RIRA. I did the same thing in 2021 (for 2020 taxes).

My 2020 TIRA form 5498 shows $0 in box 5 (year end value)

Q1: TT says to "include any IRA contributions you made or will make in 2021 for 2020."

Does the rechar & conversion count as a "contribution for 2020" or is $0 the correct answer with my above situation?

Q2: TT says to "include any IRA distributions you made in 2019. The amount you enter must be at least the amount of your distributions."

Does the rechar & conversion count as a ”2019 distribution" or is this also $0 based on my above situation?

I think I can list the value of my TIRA as $0 but the 2 "include any..." caveats TT threw in there made me uncertain.

Any help will be greatly appreciated,

Thanks,

JD7

251

Level 2

Jun 4, 2021 11:02:09 PM

Why does TT ask for 2019 TIRA distributions to be included in the 2020 year end balance? Should not that have been reported on 2019 taxes as 2019 year end balance?

When reporting 2020 year end balance TT says to "include any IRA distributions you made in 2019."

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Please help with what to enter: Deductions & Credits - Tell us value of all your TIRAs at the end of 2020