I followed the guide I found on TT (https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-convers...), but didn't see this question in the step, am I supposed to choose current year conversion from a traditional IRA to a Roth IRA? Also, even though box 15 and 16 are blank on my 1099-R form, it populates it when I import it from my brokerage. Thank you.
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Yes, You must enter current year conversion (2020) from Traditional Ira to Roth Ira on your 2020 income tax return. The amount on 1099-R line 2 on form 1099R is automatically entered on line 15 of 1099-R, if it was left blank.
With a backdoor Roth, you basically start the money off in a traditional IRA, transfer it to a Roth IRA and then pay the taxes you owe on that money now so that you can let your investments grow tax-free and enjoy tax-free withdrawals later. Income limit In 2020 is $139,000 for single and $206,000 for married filing joint.
Yes, You must enter current year conversion (2020) from Traditional Ira to Roth Ira on your 2020 income tax return. The amount on 1099-R line 2 on form 1099R is automatically entered on line 15 of 1099-R, if it was left blank.
With a backdoor Roth, you basically start the money off in a traditional IRA, transfer it to a Roth IRA and then pay the taxes you owe on that money now so that you can let your investments grow tax-free and enjoy tax-free withdrawals later. Income limit In 2020 is $139,000 for single and $206,000 for married filing joint.
Great, thank you @JoannaB2 for the clarification.
Sorry to bother you again @JoannaB2 , but in the backdoor Roth guide I posted, it states you should see Schedule 1 in your forms, I only see a Schedule 2.
Schedule 1 from the menu on the left side of the screen. Line 19 IRA deduction should be blank.
Doesn't look like I can edit a previous message on this board, but I believe I found it; it was under 1040/1040SR Wks. All is well now. 😁
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