topic How do I enter a backdoor Roth IRA conversion? in TurboTax Help https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613 <P>A backdoor Roth IRA allows you to get around income limits by converting a Traditional IRA into a Roth IRA. Contributing directly to a Roth IRA is restricted if your income is beyond certain limits, but there are no income limits for conversions.</P> <P>Doing a backdoor Roth conversion is a two step process.</P> <H3> <A data-toggle="collapse" href="#collapse1" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>TurboTax Online</A></H3> <DIV id="collapse1" class="section collapse"> <P><STRONG>Step 1:</STRONG><STRONG> &nbsp;Enter the Non-Deductible Contribution to a Traditional IRA </STRONG></P> <OL> <LI>Open your return if it’s not already open.</LI> <LI>Inside TurboTax, search for&nbsp;<EM>ira contributions</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Select <STRONG>Traditional IRA</STRONG> on the <EM>Traditional IRA and Roth IRA </EM>screen and <STRONG>Continue</STRONG>.</LI> <LI>Answer <STRONG>Yes</STRONG> to <EM>Did you Contribute To a Traditional IRA?</EM></LI> <LI>Answer <STRONG>No</STRONG> to <EM>Is This a Repayment of a Retirement Distribution?</EM></LI> <LI>On the <EM>Tell Us How Much You Contributed</EM> screen, enter the amount contributed and continue.</LI> <LI>Answer <STRONG>No </STRONG>on the <EM>Did You Change Your Mind?</EM></LI> <LI>Depending on your situation, answer the remaining questions.</LI> </OL> <P><STRONG>Step 2:</STRONG><STRONG> &nbsp;Enter the Conversion from a Traditional IRA to a Roth IRA</STRONG></P> <OL> <LI>Inside TurboTax, search for&nbsp;<EM>1099-r</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Answer&nbsp;<STRONG>Yes&nbsp;</STRONG>on the&nbsp;<EM>Your 1099-R</EM>&nbsp;screen and continue. <UL> <LI>If you land on the&nbsp;<EM>Your 1099-R Entries&nbsp;</EM>screen, select <STRONG>Add Another 1099-R</STRONG>.</LI> </UL></LI> <LI>Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.</LI> <LI>Answer <STRONG>No</STRONG> to <EM>Did You Inherit the IRA from (payer)?</EM></LI> <LI>Answer <STRONG>I moved the money to another retirement account (or returned it to the same retirement account) </STRONG>on the<EM> What Did You Do With The Money From (payer)? </EM></LI> <LI>Next, choose<STRONG> I converted all of this money to a Roth IRA account.</STRONG></LI> <LI>Continue answering questions until you come to the <EM>Your 1099-R Entries</EM> screen.</LI> </OL> <P><STRONG>To check the results of your backdoor Roth IRA conversion, see your Form 1040: </STRONG></P> <OL> <LI>On the left side of your screen, select <STRONG>Tax Tools</STRONG>, then <STRONG>Tools</STRONG>.</LI> <LI>Under <EM>Tool Center</EM>, select <STRONG>View Tax Summary</STRONG>.</LI> <LI>On the left side of your screen, select <STRONG>Preview my 1040. </STRONG> <UL> <LI>Your backdoor Roth IRA amount should be listed on <EM>1040 Postcard, Line 4</EM>&nbsp; as <EM>IRA distributions</EM>.</LI> <LI><EM>Taxable amount</EM> should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time your converted it to Roth IRA, then the earnings would be taxable.</LI> <LI><EM>Schedule 1, Line 19 IRA deduction</EM>, should be blank.</LI> </UL></LI> <LI>Select <STRONG>Back</STRONG> on the left side of your screen to return to where you left off in TurboTax.</LI> </OL> </DIV> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>TurboTax CD/Download</A></H3> <DIV id="collapse2" class="section collapse"> <P><STRONG>Step 1:</STRONG><STRONG> Enter the Non-Deductible Contribution to a Traditional IRA </STRONG></P> <OL> <LI>Open your return if it’s not already open.</LI> <LI>Search for&nbsp;<EM>ira contributions</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Select <STRONG>Traditional IRA</STRONG> on the <EM>Traditional IRA and Roth IRA </EM>screen and continue.</LI> <LI>Answer <STRONG>Yes</STRONG> on the <EM>Did you Contribute To a Traditional IRA?</EM> screen.</LI> <LI>Answer <STRONG>No </STRONG>on the <EM>Is This a Repayment of a Retirement Distribution?</EM></LI> <LI>On the <EM>Tell Us How Much You Contributed</EM> screen, enter the amount contributed and continue.</LI> <LI>Answer <STRONG>No</STRONG> on the <EM>Did You Change Your Mind?</EM></LI> <LI>Depending on your situation, answer the remaining questions.</LI> </OL> <P><STRONG>Step 2:</STRONG><STRONG> Enter the Conversion from a Traditional IRA to a Roth IRA</STRONG></P> <OL> <LI>Inside TurboTax, search for&nbsp;<STRONG>1099-r&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>On the <EM>Your 1099-R </EM>screen, answer <STRONG>Yes</STRONG> to <EM>Did you have any of these types of income in 2020? </EM>and continue. <UL> <LI>If you land on the&nbsp;<EM>Your 1099-R Entries&nbsp;</EM>screen instead, select&nbsp;<STRONG>Add Another 1099-R</STRONG>.</LI> </UL></LI> <LI>Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.</LI> <LI>You should see the <EM>Good News: You Don’t Owe Extra Tax on This Money</EM> screen. <STRONG>Continue</STRONG>.</LI> <LI>Answer <STRONG>No</STRONG> to <EM>Did You Inherit This IRA?</EM></LI> <LI>On the<EM> What Did You Do With The Money From This Payer? </EM>screen<EM>, </EM>select <STRONG>I moved the money to another retirement account (or returned it to the same retirement account).</STRONG></LI> <LI>Next, choose<STRONG> I converted all of this money to a Roth IRA account.</STRONG></LI> <LI>Continue answering questions until you come to the <EM>Your 1099-R Entries</EM> screen.</LI> </OL> <P><STRONG>To check the results of your backdoor Roth IRA conversion, see your Form 1040: </STRONG></P> <OL> <LI>Select <STRONG>Forms</STRONG> in the upper-right corner of the screen.</LI> <LI>Select <STRONG>Form 1040 </STRONG>from the left menu.</LI> <LI>Use the scroll bar to find: <UL> <LI><EM>Line 4a IRAs Distributions</EM>. Your backdoor Roth IRA amount should be listed.</LI> <LI><EM>Line 4b Taxable amount</EM> should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to Roth IRA.</LI> </UL></LI> <LI>Select <STRONG>Schedule 1 </STRONG>from the menu on the left side of the screen. <EM>Line 19 IRA deduction</EM> should be blank.</LI> <LI>To return to where you left off in TurboTax, select <STRONG>Step-by-Step</STRONG> in the upper-right corner of the screen.</LI> </OL> </DIV> Tue, 16 Feb 2021 20:46:24 GMT TurboTax Help 2021-02-16T20:46:24Z How do I enter a backdoor Roth IRA conversion? https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613 A backdoor Roth IRA allows you to get around income limits by converting a Traditional IRA into a Roth IRA. Contributing directly to a Roth IRA is restricted if your income is beyond certain limits, but there are no income limits for conversions. Doing a backdoor Roth conversion is a two step process. TurboTax Online Step 1: &nbsp;Enter the Non-Deductible Contribution to a Traditional IRA Open your return if it’s not already open. Inside TurboTax, search for&nbsp;ira contributions&nbsp;and select the Jump to link in the search results. Select Traditional IRA on the Traditional IRA and Roth IRA screen and Continue. Answer Yes to Did you Contribute To a Traditional IRA? Answer No to Is This a Repayment of a Retirement Distribution? On the Tell Us How Much You Contributed screen, enter the amount contributed and continue. Answer No on the Did You Change Your Mind? Depending on your situation, answer the remaining questions. Step 2: &nbsp;Enter the Conversion from a Traditional IRA to a Roth IRA Inside TurboTax, search for&nbsp;1099-r&nbsp;and select the Jump to link in the search results. Answer&nbsp;Yes&nbsp;on the&nbsp;Your 1099-R&nbsp;screen and continue. If you land on the&nbsp;Your 1099-R Entries&nbsp;screen, select Add Another 1099-R. Select how you want to enter your 1099-R (import or type it in yourself) and follow the instruction... Tue, 16 Feb 2021 20:46:24 GMT https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613 TurboTax Help 2021-02-16T20:46:24Z
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topic How do I enter a backdoor Roth IRA conversion? in TurboTax Help
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https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613
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<P>A backdoor Roth IRA allows you to get around income limits by converting a Traditional IRA into a Roth IRA. Contributing directly to a Roth IRA is restricted if your income is beyond certain limits, but there are no income limits for conversions.</P> <P>Doing a backdoor Roth conversion is a two step process.</P> <H3> <A data-toggle="collapse" href="#collapse1" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>TurboTax Online</A></H3> <DIV id="collapse1" class="section collapse"> <P><STRONG>Step 1:</STRONG><STRONG> &nbsp;Enter the Non-Deductible Contribution to a Traditional IRA </STRONG></P> <OL> <LI>Open your return if it’s not already open.</LI> <LI>Inside TurboTax, search for&nbsp;<EM>ira contributions</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Select <STRONG>Traditional IRA</STRONG> on the <EM>Traditional IRA and Roth IRA </EM>screen and <STRONG>Continue</STRONG>.</LI> <LI>Answer <STRONG>Yes</STRONG> to <EM>Did you Contribute To a Traditional IRA?</EM></LI> <LI>Answer <STRONG>No</STRONG> to <EM>Is This a Repayment of a Retirement Distribution?</EM></LI> <LI>On the <EM>Tell Us How Much You Contributed</EM> screen, enter the amount contributed and continue.</LI> <LI>Answer <STRONG>No </STRONG>on the <EM>Did You Change Your Mind?</EM></LI> <LI>Depending on your situation, answer the remaining questions.</LI> </OL> <P><STRONG>Step 2:</STRONG><STRONG> &nbsp;Enter the Conversion from a Traditional IRA to a Roth IRA</STRONG></P> <OL> <LI>Inside TurboTax, search for&nbsp;<EM>1099-r</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Answer&nbsp;<STRONG>Yes&nbsp;</STRONG>on the&nbsp;<EM>Your 1099-R</EM>&nbsp;screen and continue. <UL> <LI>If you land on the&nbsp;<EM>Your 1099-R Entries&nbsp;</EM>screen, select <STRONG>Add Another 1099-R</STRONG>.</LI> </UL></LI> <LI>Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.</LI> <LI>Answer <STRONG>No</STRONG> to <EM>Did You Inherit the IRA from (payer)?</EM></LI> <LI>Answer <STRONG>I moved the money to another retirement account (or returned it to the same retirement account) </STRONG>on the<EM> What Did You Do With The Money From (payer)? </EM></LI> <LI>Next, choose<STRONG> I converted all of this money to a Roth IRA account.</STRONG></LI> <LI>Continue answering questions until you come to the <EM>Your 1099-R Entries</EM> screen.</LI> </OL> <P><STRONG>To check the results of your backdoor Roth IRA conversion, see your Form 1040: </STRONG></P> <OL> <LI>On the left side of your screen, select <STRONG>Tax Tools</STRONG>, then <STRONG>Tools</STRONG>.</LI> <LI>Under <EM>Tool Center</EM>, select <STRONG>View Tax Summary</STRONG>.</LI> <LI>On the left side of your screen, select <STRONG>Preview my 1040. </STRONG> <UL> <LI>Your backdoor Roth IRA amount should be listed on <EM>1040 Postcard, Line 4</EM>&nbsp; as <EM>IRA distributions</EM>.</LI> <LI><EM>Taxable amount</EM> should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time your converted it to Roth IRA, then the earnings would be taxable.</LI> <LI><EM>Schedule 1, Line 19 IRA deduction</EM>, should be blank.</LI> </UL></LI> <LI>Select <STRONG>Back</STRONG> on the left side of your screen to return to where you left off in TurboTax.</LI> </OL> </DIV> <H3> <A data-toggle="collapse" href="#collapse2" target="_blank" rel="nofollow"><I class="on-right icon-caret-right"></I>TurboTax CD/Download</A></H3> <DIV id="collapse2" class="section collapse"> <P><STRONG>Step 1:</STRONG><STRONG> Enter the Non-Deductible Contribution to a Traditional IRA </STRONG></P> <OL> <LI>Open your return if it’s not already open.</LI> <LI>Search for&nbsp;<EM>ira contributions</EM><STRONG>&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>Select <STRONG>Traditional IRA</STRONG> on the <EM>Traditional IRA and Roth IRA </EM>screen and continue.</LI> <LI>Answer <STRONG>Yes</STRONG> on the <EM>Did you Contribute To a Traditional IRA?</EM> screen.</LI> <LI>Answer <STRONG>No </STRONG>on the <EM>Is This a Repayment of a Retirement Distribution?</EM></LI> <LI>On the <EM>Tell Us How Much You Contributed</EM> screen, enter the amount contributed and continue.</LI> <LI>Answer <STRONG>No</STRONG> on the <EM>Did You Change Your Mind?</EM></LI> <LI>Depending on your situation, answer the remaining questions.</LI> </OL> <P><STRONG>Step 2:</STRONG><STRONG> Enter the Conversion from a Traditional IRA to a Roth IRA</STRONG></P> <OL> <LI>Inside TurboTax, search for&nbsp;<STRONG>1099-r&nbsp;</STRONG>and select the <STRONG>Jump to</STRONG> link in the search results.</LI> <LI>On the <EM>Your 1099-R </EM>screen, answer <STRONG>Yes</STRONG> to <EM>Did you have any of these types of income in 2020? </EM>and continue. <UL> <LI>If you land on the&nbsp;<EM>Your 1099-R Entries&nbsp;</EM>screen instead, select&nbsp;<STRONG>Add Another 1099-R</STRONG>.</LI> </UL></LI> <LI>Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.</LI> <LI>You should see the <EM>Good News: You Don’t Owe Extra Tax on This Money</EM> screen. <STRONG>Continue</STRONG>.</LI> <LI>Answer <STRONG>No</STRONG> to <EM>Did You Inherit This IRA?</EM></LI> <LI>On the<EM> What Did You Do With The Money From This Payer? </EM>screen<EM>, </EM>select <STRONG>I moved the money to another retirement account (or returned it to the same retirement account).</STRONG></LI> <LI>Next, choose<STRONG> I converted all of this money to a Roth IRA account.</STRONG></LI> <LI>Continue answering questions until you come to the <EM>Your 1099-R Entries</EM> screen.</LI> </OL> <P><STRONG>To check the results of your backdoor Roth IRA conversion, see your Form 1040: </STRONG></P> <OL> <LI>Select <STRONG>Forms</STRONG> in the upper-right corner of the screen.</LI> <LI>Select <STRONG>Form 1040 </STRONG>from the left menu.</LI> <LI>Use the scroll bar to find: <UL> <LI><EM>Line 4a IRAs Distributions</EM>. Your backdoor Roth IRA amount should be listed.</LI> <LI><EM>Line 4b Taxable amount</EM> should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to Roth IRA.</LI> </UL></LI> <LI>Select <STRONG>Schedule 1 </STRONG>from the menu on the left side of the screen. <EM>Line 19 IRA deduction</EM> should be blank.</LI> <LI>To return to where you left off in TurboTax, select <STRONG>Step-by-Step</STRONG> in the upper-right corner of the screen.</LI> </OL> </DIV>
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<pubDate>Tue, 16 Feb 2021 20:46:24 GMT</pubDate>
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<dc:date>2021-02-16T20:46:24Z</dc:date>
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<title>How do I enter a backdoor Roth IRA conversion?</title>
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https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613
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A backdoor Roth IRA allows you to get around income limits by converting a Traditional IRA into a Roth IRA. Contributing directly to a Roth IRA is restricted if your income is beyond certain limits, but there are no income limits for conversions. Doing a backdoor Roth conversion is a two step process. TurboTax Online Step 1: &nbsp;Enter the Non-Deductible Contribution to a Traditional IRA Open your return if it’s not already open. Inside TurboTax, search for&nbsp;ira contributions&nbsp;and select the Jump to link in the search results. Select Traditional IRA on the Traditional IRA and Roth IRA screen and Continue. Answer Yes to Did you Contribute To a Traditional IRA? Answer No to Is This a Repayment of a Retirement Distribution? On the Tell Us How Much You Contributed screen, enter the amount contributed and continue. Answer No on the Did You Change Your Mind? Depending on your situation, answer the remaining questions. Step 2: &nbsp;Enter the Conversion from a Traditional IRA to a Roth IRA Inside TurboTax, search for&nbsp;1099-r&nbsp;and select the Jump to link in the search results. Answer&nbsp;Yes&nbsp;on the&nbsp;Your 1099-R&nbsp;screen and continue. If you land on the&nbsp;Your 1099-R Entries&nbsp;screen, select Add Another 1099-R. Select how you want to enter your 1099-R (import or type it in yourself) and follow the instruction...
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