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New Member
posted Jan 20, 2024 7:43:16 AM

Why when I enter an after tax Ira contribution from form 5498 does my refund go down?

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1 Best answer
Level 15
Jan 20, 2024 7:47:32 AM

Until you enter your year-end value in traditional IRAs, TurboTax assumes that the year-end value is zero, resulting in an incorrectly high amount for the nontaxable portion of your traditional IRA distributions and Roth conversions.  Once you provide the correct year-end value, TurboTax can do the correct calculation on Form 8606 Part I.

1 Replies
Level 15
Jan 20, 2024 7:47:32 AM

Until you enter your year-end value in traditional IRAs, TurboTax assumes that the year-end value is zero, resulting in an incorrectly high amount for the nontaxable portion of your traditional IRA distributions and Roth conversions.  Once you provide the correct year-end value, TurboTax can do the correct calculation on Form 8606 Part I.