How do I log a backdoor Roth IRA contribution that was done for 2016 tax year but did it in Jan 2017?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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I contributed to IRA in January 2017 for my 2016 taxes. I contribute to the traditional IRA account with immediate conversion to roth IRA (backdoor Roth IRA). Am I able to account of this in turbotax?

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taylorkaercher12

Level 2

Yes, you should.

dmertz

Level 15

Since the traditional IRA contribution was made for 2016, you report the nondeductible traditional IRA contribution on your 2016 tax return with 2016 TurboTax under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions. TurboTax will prepare Form 8606 to record your basis in nondeductible traditional IRA contributions. Do not report anything about a Roth IRA with regard to this traditional IRA contribution.

You'll report the Roth conversion on your 2017 tax return by entering the 2017 From 1099-R into 2017 TurboTax. TurboTax will transfer in your basis in nondeductible traditional IRA contributions from your 2016 Form 8606 line 14, when you begin your 2017 tax return.