Backdoor Roth Conversions getting flagged as "excess contributions"

[baldietax]

5498 is something your brokerage will send in May not sure where you are seeing that on Turbotax, but the key form to look at in your return is Form 8606.

if you didn't have a basis in the IRA to begin with or balance in the IRA at year-end, you should see your $8000 on lines 1,3,5,8,13,16,17; and $0 on lines 14, 18 and $0 on your 1040 Line 4b.

[rk38]

How do I find the form 8606 in the on line version. I don't see it in the tools menu.  I can access the 1040 through the print menu. Will 8606 be visible in the 1040?

[baldietax]

you will need to get the PDF version of your return which is available once you've paid for the s/w.  I usually use desktop but believe it's under Tax Tools / Print Center.

[rk38]

Thank you very much for all your help!

[csmillerak]

I have same issue

[RogerD1]

If you made Roth contributions because of income limitations, those will get flagged as "excess contributions"

You can make traditional IRA contributions regardless of income, however, some or all of the traditional IRA contribution may not be deductible on your tax return.  If that is the case, this is where a Backdoor Roth conversion can come into play to convert the traditional IRA contribution to a Roth contribution.  If your traditional IRA contribution was fully non-deductible, a complete conversion to a Roth using the Backdoor Roth conversion will not change your taxable income or tax liability.

Following is a help article from TurboTax on how to report a Backdoor Roth in TurboTax.