Entering prior year Roth IRA Contributions

[cmoore5026]

I use Turbotax Deluxe and am on the Enter Prior Year Roth IRA Contributions screen.  Here's my situation:

I contributed post tax amounts in a prior year to a 401(k) so those amounts were taxed in each of my paychecks.  I then moved these post tax 401(k) amounts to a Roth IRA in 2010.

Turbotax has a box asking me to enter Roth IRA Contributions prior to 2020.  Here's my question:  Does the post tax amount in my 401(k) that was moved to a Roth IRA get included in this box?

[dmertz]

Entered properly into 2010 TurboTax and carried forward each year by transferring in the previous year's tax file to begin your next tax return, this basis should already appear in your cumulative pre-2016 basis in taxable and nontaxable conversions, not as Roth contribution basis (although both are treated the same).  If you don't see it reflected in your pre-2016 conversion basis, put it there rather than as contribution basis.

[Greg_1014]

I am inquiring about the correct entry for the prior year Roth IRA information.  Several years ago, when you were first able to convert your traditional ira to a Roth and pay the corresponding tax over time my wife and I did that.  In subsequent years, our income would not allow us to deposit directly into a Roth, so we deposited into a traditional ira on 12/30 and did a Roth back-door conversion on 12/31.  Our life changed and we were not able to deposit in any ira for several years (we might have done so one year...I'll have to check).  This year we are making a $7k deposit for each of us into our Roth ira's.  TurboTax is asking for the prior year contributions.  Should I enter all of the conversion amounts and maybe one year (I'll have to check for a $7k contribution each) prior to 2021?  Thank you for your help,

[MarilynG1]

No, the Roth conversion amounts don't count as Roth IRA Contributions, so your Prior Year Roth Contributions would only be any amounts directly contributed to your Roth IRA.

From investopedia.com:

"The funds that you put into the Roth are considered converted funds, not contributions. That means you have to wait five years to have penalty-free access to your funds in your Backdoor Roth IRA if you’re under the age of 59½.

 Such converted funds differ from regular Roth IRA contributions, which can be withdrawn at any time without taxes or penalties."

[dmertz]

TurboTax asks for your basis in taxable and nontaxable Roth conversions separately from your basis in regular Roth IRA contributions.