Contributed non-deductible
IRA of $5,000, converted to
Roth in the same year for 2012-2014. Received 5498 for IRA contribution
$5,000, 1099R for IRA distribution $5,000, 5498 for Roth conversion of $5,000
each year. Each year, in Turbo Tax - Answered 'Yes' to made and tracked
nondeductible contributions to IRA. Entered
'0' as the 'Total Basis as of December 31, 201x' since the nondeductible IRA
account yearend balance always 0 due to conversion to Roth.
Made IRA contribution
and converted to Roth in 2015. Received 5498 for IRA contribution $5,000, 1099R
for distribution from IRA $5,000, 5498 for Roth conversion of $5,000.
Re-characterized 2015 contribution/conversion back to the same IRA account in early
2016 before filing 2015 tax return. Reported
contribution/conversion/re-characterization in 2015 Tax Return, received tax
deduction for IRA contribution and no tax on the Roth conversion. Received 1099R for re-characterization
in 2017 and entered in 2016 tax return.
All the 5498s
for IRA contribution, box 1 = $5,000, Box 5 = $0. Latest Form 5498 for 2015 Roth
contribution box 1 = $5,000, box 5 = $20,000 ($5,000 * 4 year). The 2016 yearend
IRA account statement balance only has the re-characterized 2015 contribution/conversion amount. The 2016
Yearend Roth account statement balance has ($15,000 = $20,000 – 2015 Re-characterization).
What should I
enter for 'Value of Traditional, SEP and SIMPLE IRAs on December 31, 2016'? The
IRA account 2016 yearend balance around $5,000 or IRA 5498s box 5 $0?
