topic I agree with macuser_22 because online turbo tax is askin... in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092 I agree with macuser_22 because online turbo tax is asking more questions than what original posted. It could be great if this post is updated based on 2017 version Sat, 01 Jun 2019 00:37:46 GMT kc_kc 2019-06-01T00:37:46Z How do I enter a Backdoor Roth IRA contribution? https://ttlc.intuit.com/community/retirement/discussion/how-do-i-enter-a-backdoor-roth-ira-contribution/01/40818#M1070 Traditional IRA contribution was non-exempt. Sat, 01 Jun 2019 00:37:29 GMT https://ttlc.intuit.com/community/retirement/discussion/how-do-i-enter-a-backdoor-roth-ira-contribution/01/40818#M1070 jeffjunk1999 2019-06-01T00:37:29Z Doing a "backdoor Roth" in TurboTax is a 2-step process.... https://ttlc.intuit.com/community/retirement/discussion/doing-a-backdoor-roth-in-turbotax-is-a-2-step-process/01/40832#M1074 <P> <SPAN>Doing a&nbsp;<B>"backdoor Roth"&nbsp;</B>in TurboTax is a 2-step process. Be certain to enter your basis <B>before </B>entering any 1099-R. Follow the steps below in the order given, for the desired outcome.</SPAN> </P><P><B>First</B>, select in your open return,&nbsp;<B>My Account&gt;Tools&gt;Topic Search.&nbsp;</B>Type&nbsp;<B>traditional IRA&nbsp;</B>and&nbsp;<B>GO</B>.&nbsp;Enter the contribution to the Traditional IRA (TIRA) that you made. This is&nbsp;<B>not a characterization.&nbsp;</B>Select&nbsp;<B>No&nbsp;</B>on the page,&nbsp;<B><I>Did You Change Your Mind?&nbsp;</I></B>Depending on your income and if you have a retirement plan at work, TurboTax will either tell you that your contribution is not deductible or it will ask you "<B><I>Do you want to make your IRA contributions nondeductible?"&nbsp;</I></B><B></B>Select&nbsp;<B>Yes</B>.</P><P>Once TurboTax knows that your&nbsp;<B>TIRA contributions are nondeductible&nbsp;</B>(that is, you have a basis in your TIRA), then enter your&nbsp;<B>1099-R.&nbsp;</B>&nbsp;Select&nbsp;<B>My Account&gt;Tools&gt;Topic Search.&nbsp;</B>Type&nbsp;<B>1099r&nbsp;</B>and&nbsp;<B>GO.</B>&nbsp;For a Roth conversion, the 1099-R usually has a Distribution Code 2 in Box 7. That means it is an early distribution but an exception applies so there is no penalty.</P><P> </P><P> <SPAN>To check that the right results show, look at your<B>&nbsp;1040 form.</B>&nbsp;Select&nbsp;<B>My Account&gt;Tools&gt;View Tax Summary.&nbsp;</B>Then select the&nbsp;<B>gray Preview my 1040&nbsp;</B>from the top of your screen.&nbsp;There should be no entry on Line 32 for IRA deduction. The Box 1 amount from your 1099-R should appear on&nbsp;<B>Line 15a of your 1040, but Line 15b&nbsp;</B>should be zero.</SPAN> </P> Sat, 01 Jun 2019 00:37:31 GMT https://ttlc.intuit.com/community/retirement/discussion/doing-a-backdoor-roth-in-turbotax-is-a-2-step-process/01/40832#M1074 PaulaM 2019-06-01T00:37:31Z I am finally doing my 2016 taxes and it's my first year u... https://ttlc.intuit.com/community/retirement/discussion/i-am-finally-doing-my-2016-taxes-and-it-s-my-first-year-u/01/40839#M1076 I am finally doing my 2016 taxes and it's my first year using Turbotax. When I entered my 1099-R from my backdoor Roth conversion, my refund went down so I realize I need to enter the TIRA contribution I made so Turbotax recognizes I have basis. However, when I follow the instructions above, I am prompted to enter my TIRA contributions for 2016, not 2015. How can I tell Turbotax that the contribution was made *for* the 2015 tax year? That contribution and the conversion were both made in early 2016. Thank you. Sat, 01 Jun 2019 00:37:34 GMT https://ttlc.intuit.com/community/retirement/discussion/i-am-finally-doing-my-2016-taxes-and-it-s-my-first-year-u/01/40839#M1076 nfeemster2 2019-06-01T00:37:34Z nfeemster2, a traditional IRA contribution made for 2015... https://ttlc.intuit.com/community/retirement/discussion/nfeemster2-a-traditional-ira-contribution-made-for-2015/01/40854#M1080 nfeemster2, a traditional IRA contribution made for 2015 goes on your 2015 tax return.&nbsp;&nbsp;If you did not already report it on your 2015 tax return, you must amend your 2015 tax return to add it.&nbsp;&nbsp;If nondeductible, 2015 TurboTax will prepare 2015 Form 8606 to report the nondeductible traditional IRA contribution for 2015.&nbsp;&nbsp;The amount on line 14 of your 2015 Form 8606 will then carry to line 2 of your 2016 From 8606 to be applied in calculating the taxable amount of your 2016 Roth conversion that you will report by entering the 2016 Form 1099-R into 2016 TurboTax. Sat, 01 Jun 2019 00:37:36 GMT https://ttlc.intuit.com/community/retirement/discussion/nfeemster2-a-traditional-ira-contribution-made-for-2015/01/40854#M1080 dmertz 2019-06-01T00:37:36Z 5498 should be received for both 2015 and 2016 from the b... https://ttlc.intuit.com/community/retirement/discussion/5498-should-be-received-for-both-2015-and-2016-from-the-b/01/40863#M1081 5498 should be received for both 2015 and 2016 from the brokerage firm. Sat, 01 Jun 2019 00:37:39 GMT https://ttlc.intuit.com/community/retirement/discussion/5498-should-be-received-for-both-2015-and-2016-from-the-b/01/40863#M1081 Taxpaul-EA 2019-06-01T00:37:39Z So in order to do this in Turbotax, it is recommended to... https://ttlc.intuit.com/community/retirement/discussion/so-in-order-to-do-this-in-turbotax-it-is-recommended-to/01/40865#M1082 So in order to do this in Turbotax, it is recommended to fill out a 1099R first and NOT an 8606? Sat, 01 Jun 2019 00:37:39 GMT https://ttlc.intuit.com/community/retirement/discussion/so-in-order-to-do-this-in-turbotax-it-is-recommended-to/01/40865#M1082 waifungsit 2019-06-01T00:37:39Z TurboTax automatically produces the 8606 when the non-ded... https://ttlc.intuit.com/community/retirement/discussion/turbotax-automatically-produces-the-8606-when-the-non-ded/01/40870#M1083 TurboTax automatically produces the 8606 when the non-deductible contributions are entered in the IRA contribution section and the 1099-R is entered in the 1099-R retirement section. Sat, 01 Jun 2019 00:37:41 GMT https://ttlc.intuit.com/community/retirement/discussion/turbotax-automatically-produces-the-8606-when-the-non-ded/01/40870#M1083 macuser_22 2019-06-01T00:37:41Z This is a 2 year old post and the TurboTax interface is p... https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-and-the-turbotax-interface-is-p/01/40879#M1085 This is a 2 year old post and the TurboTax interface is probably different now.&nbsp;&nbsp;If you have more questions I suggest using the "Have a new question?" box on this screen and ask a NEW question.&nbsp;&nbsp;Almost nobody will see a comment on a 2 year old post and give you an answer. Sat, 01 Jun 2019 00:37:43 GMT https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-and-the-turbotax-interface-is-p/01/40879#M1085 macuser_22 2019-06-01T00:37:43Z Thank you. Can you tell me the process on how to start a... https://ttlc.intuit.com/community/retirement/discussion/thank-you-can-you-tell-me-the-process-on-how-to-start-a/01/40890#M1089 Thank you. Can you tell me the process on how to start a Back Door ROTH? 1. Open a TIRA with Vanguard. 2. Open &amp; transfer funds to a ROTH IRA in Vanguard. Is this right? Sat, 01 Jun 2019 00:37:45 GMT https://ttlc.intuit.com/community/retirement/discussion/thank-you-can-you-tell-me-the-process-on-how-to-start-a/01/40890#M1089 waifungsit 2019-06-01T00:37:45Z I agree with macuser_22 because online turbo tax is askin... https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092 I agree with macuser_22 because online turbo tax is asking more questions than what original posted. It could be great if this post is updated based on 2017 version Sat, 01 Jun 2019 00:37:46 GMT https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092 kc_kc 2019-06-01T00:37:46Z This is a 2 year old post: It works basically the same w... https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-it-works-basically-the-same-w/01/40907#M1095 This is a 2 year old post:<BR /><BR />It works basically the same way for 2017.&nbsp;&nbsp;Non-deductible contributions offset taxable conversions.&nbsp;&nbsp;Both must be entered.<BR /><BR />This so-called “back-door Roth”&nbsp;&nbsp;method ONLY works if you have NO OTHER Traditional IRA accounts. &nbsp;If you do, then the non-deductible part must be spread over ALL accounts and cannot be withdrawn by itself. &nbsp;Only if you started with NO Traditional, SEP &amp; SIMPLE IRA and ended up with a zero amount in ALL Traditional, SEP &amp; SIMPLE IRA accounts will this Roth conversion not be taxable.<BR /><BR />First you must enter your Traditional IRA contributions (if there were 2017 contributions).<BR /><BR />IRA contribution<BR />Federal Taxes,<BR />Deductions &amp; Credits,<BR />I’ll choose what I work on (if that screen comes up),,<BR />Retirement &amp; Investments,<BR />Traditional &amp; Roth IRA contribution.<BR /><BR />Be SURE to answer the follow up that the are choosing to make this contribution NON-DEDUCTIBLE - if that screen comes up. (DO NOT say that you moved (recharacterized) the money to a Roth) – this is a conversion, not a recharactorazition.<BR /><BR />Then enter the 1099-R that shows the distribution.<BR /><BR />Federal Taxes,<BR />Wages &amp; Income<BR />I’ll choose what I work on (if that screen comes up),,<BR />Retirement Plans &amp; Social Security,<BR />IRA, 401(k), Pension Plan Withdrawals (1099-R).<BR /><BR />&nbsp;Answer the follow-up questions answer the question that you moved the money to another retirement. The screen will open up with choices of where it was moved.&nbsp;&nbsp;Choose you converted it to&nbsp;&nbsp;Roth IRA.<BR /><BR />When asked if you have made any non-deductible contributions say " "yes" if you did then enter the non-deductible contributions made for tax years before 2017.&nbsp; &nbsp;&nbsp; (Usually zero unless you also made a 2016 or earlier non-deductible contribution).<BR /><BR />Enter the 2017 year end value of your Traditional IRA a "0" (zero) - if it is in fact zero - this tax free Roth conversion will not work if it is not zero.<BR /><BR />[If you had any other Traditional IRA at the end of 2016, then the nondeductible "basis" must be pro-rated over the current distribution and the total IRA value and only a portion of the Roth conversion will be non taxable and part will be taxable, with the remaining non-deductible basis carrying forward for future distributions.&nbsp;&nbsp;You can never only withdrew the nondeductible basis as long as the IRA exists and has a value more than zero.]<BR /><BR />The non-deductible amount of your contribution will be subtracted from the taxable amount of the conversion on then 8606 form and enter on line 15a of them 1040 form and a zero taxable amount on line 15b &nbsp;if you did it right.<BR /><BR />Also see this website that has some screenshots of the procedure<BR />&lt;a rel="nofollow" target="_blank" href="<A href="http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&quot;&gt;http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&lt;/a" target="_blank">http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html"&gt;http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&lt;/a</A>&gt; Sat, 01 Jun 2019 00:37:48 GMT https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-it-works-basically-the-same-w/01/40907#M1095 macuser_22 2019-06-01T00:37:48Z
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<title>
topic I agree with macuser_22 because online turbo tax is askin... in Retirement tax questions
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092
</link>
<description>
I agree with macuser_22 because online turbo tax is asking more questions than what original posted. It could be great if this post is updated based on 2017 version
</description>
<pubDate>Sat, 01 Jun 2019 00:37:46 GMT</pubDate>
<dc:creator>kc_kc</dc:creator>
<dc:date>2019-06-01T00:37:46Z</dc:date>
<item>
<title>How do I enter a Backdoor Roth IRA contribution?</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/how-do-i-enter-a-backdoor-roth-ira-contribution/01/40818#M1070
</link>
<description>Traditional IRA contribution was non-exempt.</description>
<pubDate>Sat, 01 Jun 2019 00:37:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/how-do-i-enter-a-backdoor-roth-ira-contribution/01/40818#M1070
</guid>
<dc:creator>jeffjunk1999</dc:creator>
<dc:date>2019-06-01T00:37:29Z</dc:date>
</item>
<item>
<title>
Doing a "backdoor Roth" in TurboTax is a 2-step process....
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/doing-a-backdoor-roth-in-turbotax-is-a-2-step-process/01/40832#M1074
</link>
<description>
<P> <SPAN>Doing a&nbsp;<B>"backdoor Roth"&nbsp;</B>in TurboTax is a 2-step process. Be certain to enter your basis <B>before </B>entering any 1099-R. Follow the steps below in the order given, for the desired outcome.</SPAN> </P><P><B>First</B>, select in your open return,&nbsp;<B>My Account&gt;Tools&gt;Topic Search.&nbsp;</B>Type&nbsp;<B>traditional IRA&nbsp;</B>and&nbsp;<B>GO</B>.&nbsp;Enter the contribution to the Traditional IRA (TIRA) that you made. This is&nbsp;<B>not a characterization.&nbsp;</B>Select&nbsp;<B>No&nbsp;</B>on the page,&nbsp;<B><I>Did You Change Your Mind?&nbsp;</I></B>Depending on your income and if you have a retirement plan at work, TurboTax will either tell you that your contribution is not deductible or it will ask you "<B><I>Do you want to make your IRA contributions nondeductible?"&nbsp;</I></B><B></B>Select&nbsp;<B>Yes</B>.</P><P>Once TurboTax knows that your&nbsp;<B>TIRA contributions are nondeductible&nbsp;</B>(that is, you have a basis in your TIRA), then enter your&nbsp;<B>1099-R.&nbsp;</B>&nbsp;Select&nbsp;<B>My Account&gt;Tools&gt;Topic Search.&nbsp;</B>Type&nbsp;<B>1099r&nbsp;</B>and&nbsp;<B>GO.</B>&nbsp;For a Roth conversion, the 1099-R usually has a Distribution Code 2 in Box 7. That means it is an early distribution but an exception applies so there is no penalty.</P><P> </P><P> <SPAN>To check that the right results show, look at your<B>&nbsp;1040 form.</B>&nbsp;Select&nbsp;<B>My Account&gt;Tools&gt;View Tax Summary.&nbsp;</B>Then select the&nbsp;<B>gray Preview my 1040&nbsp;</B>from the top of your screen.&nbsp;There should be no entry on Line 32 for IRA deduction. The Box 1 amount from your 1099-R should appear on&nbsp;<B>Line 15a of your 1040, but Line 15b&nbsp;</B>should be zero.</SPAN> </P>
</description>
<pubDate>Sat, 01 Jun 2019 00:37:31 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/doing-a-backdoor-roth-in-turbotax-is-a-2-step-process/01/40832#M1074
</guid>
<dc:creator>PaulaM</dc:creator>
<dc:date>2019-06-01T00:37:31Z</dc:date>
</item>
<item>
<title>
I am finally doing my 2016 taxes and it's my first year u...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/i-am-finally-doing-my-2016-taxes-and-it-s-my-first-year-u/01/40839#M1076
</link>
<description>
I am finally doing my 2016 taxes and it's my first year using Turbotax. When I entered my 1099-R from my backdoor Roth conversion, my refund went down so I realize I need to enter the TIRA contribution I made so Turbotax recognizes I have basis. However, when I follow the instructions above, I am prompted to enter my TIRA contributions for 2016, not 2015. How can I tell Turbotax that the contribution was made *for* the 2015 tax year? That contribution and the conversion were both made in early 2016. Thank you.
</description>
<pubDate>Sat, 01 Jun 2019 00:37:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/i-am-finally-doing-my-2016-taxes-and-it-s-my-first-year-u/01/40839#M1076
</guid>
<dc:creator>nfeemster2</dc:creator>
<dc:date>2019-06-01T00:37:34Z</dc:date>
</item>
<item>
<title>
nfeemster2, a traditional IRA contribution made for 2015...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/nfeemster2-a-traditional-ira-contribution-made-for-2015/01/40854#M1080
</link>
<description>
nfeemster2, a traditional IRA contribution made for 2015 goes on your 2015 tax return.&nbsp;&nbsp;If you did not already report it on your 2015 tax return, you must amend your 2015 tax return to add it.&nbsp;&nbsp;If nondeductible, 2015 TurboTax will prepare 2015 Form 8606 to report the nondeductible traditional IRA contribution for 2015.&nbsp;&nbsp;The amount on line 14 of your 2015 Form 8606 will then carry to line 2 of your 2016 From 8606 to be applied in calculating the taxable amount of your 2016 Roth conversion that you will report by entering the 2016 Form 1099-R into 2016 TurboTax.
</description>
<pubDate>Sat, 01 Jun 2019 00:37:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/nfeemster2-a-traditional-ira-contribution-made-for-2015/01/40854#M1080
</guid>
<dc:creator>dmertz</dc:creator>
<dc:date>2019-06-01T00:37:36Z</dc:date>
</item>
<item>
<title>
5498 should be received for both 2015 and 2016 from the b...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/5498-should-be-received-for-both-2015-and-2016-from-the-b/01/40863#M1081
</link>
<description>
5498 should be received for both 2015 and 2016 from the brokerage firm.
</description>
<pubDate>Sat, 01 Jun 2019 00:37:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/5498-should-be-received-for-both-2015-and-2016-from-the-b/01/40863#M1081
</guid>
<dc:creator>Taxpaul-EA</dc:creator>
<dc:date>2019-06-01T00:37:39Z</dc:date>
</item>
<item>
<title>
So in order to do this in Turbotax, it is recommended to...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/so-in-order-to-do-this-in-turbotax-it-is-recommended-to/01/40865#M1082
</link>
<description>
So in order to do this in Turbotax, it is recommended to fill out a 1099R first and NOT an 8606?
</description>
<pubDate>Sat, 01 Jun 2019 00:37:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/so-in-order-to-do-this-in-turbotax-it-is-recommended-to/01/40865#M1082
</guid>
<dc:creator>waifungsit</dc:creator>
<dc:date>2019-06-01T00:37:39Z</dc:date>
</item>
<item>
<title>
TurboTax automatically produces the 8606 when the non-ded...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/turbotax-automatically-produces-the-8606-when-the-non-ded/01/40870#M1083
</link>
<description>
TurboTax automatically produces the 8606 when the non-deductible contributions are entered in the IRA contribution section and the 1099-R is entered in the 1099-R retirement section.
</description>
<pubDate>Sat, 01 Jun 2019 00:37:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/turbotax-automatically-produces-the-8606-when-the-non-ded/01/40870#M1083
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-06-01T00:37:41Z</dc:date>
</item>
<item>
<title>
This is a 2 year old post and the TurboTax interface is p...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-and-the-turbotax-interface-is-p/01/40879#M1085
</link>
<description>
This is a 2 year old post and the TurboTax interface is probably different now.&nbsp;&nbsp;If you have more questions I suggest using the "Have a new question?" box on this screen and ask a NEW question.&nbsp;&nbsp;Almost nobody will see a comment on a 2 year old post and give you an answer.
</description>
<pubDate>Sat, 01 Jun 2019 00:37:43 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-and-the-turbotax-interface-is-p/01/40879#M1085
</guid>
<dc:creator>macuser_22</dc:creator>
<dc:date>2019-06-01T00:37:43Z</dc:date>
</item>
<item>
<title>
Thank you. Can you tell me the process on how to start a...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/thank-you-can-you-tell-me-the-process-on-how-to-start-a/01/40890#M1089
</link>
<description>
Thank you. Can you tell me the process on how to start a Back Door ROTH? 1. Open a TIRA with Vanguard. 2. Open &amp; transfer funds to a ROTH IRA in Vanguard. Is this right?
</description>
<pubDate>Sat, 01 Jun 2019 00:37:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/thank-you-can-you-tell-me-the-process-on-how-to-start-a/01/40890#M1089
</guid>
<dc:creator>waifungsit</dc:creator>
<dc:date>2019-06-01T00:37:45Z</dc:date>
</item>
<item>
<title>
I agree with macuser_22 because online turbo tax is askin...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092
</link>
<description>
I agree with macuser_22 because online turbo tax is asking more questions than what original posted. It could be great if this post is updated based on 2017 version
</description>
<pubDate>Sat, 01 Jun 2019 00:37:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/i-agree-with-macuser-22-because-online-turbo-tax-is-askin/01/40898#M1092
</guid>
<dc:creator>kc_kc</dc:creator>
<dc:date>2019-06-01T00:37:46Z</dc:date>
</item>
<item>
<title>
This is a 2 year old post: It works basically the same w...
</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-it-works-basically-the-same-w/01/40907#M1095
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<description>
This is a 2 year old post:<BR /><BR />It works basically the same way for 2017.&nbsp;&nbsp;Non-deductible contributions offset taxable conversions.&nbsp;&nbsp;Both must be entered.<BR /><BR />This so-called “back-door Roth”&nbsp;&nbsp;method ONLY works if you have NO OTHER Traditional IRA accounts. &nbsp;If you do, then the non-deductible part must be spread over ALL accounts and cannot be withdrawn by itself. &nbsp;Only if you started with NO Traditional, SEP &amp; SIMPLE IRA and ended up with a zero amount in ALL Traditional, SEP &amp; SIMPLE IRA accounts will this Roth conversion not be taxable.<BR /><BR />First you must enter your Traditional IRA contributions (if there were 2017 contributions).<BR /><BR />IRA contribution<BR />Federal Taxes,<BR />Deductions &amp; Credits,<BR />I’ll choose what I work on (if that screen comes up),,<BR />Retirement &amp; Investments,<BR />Traditional &amp; Roth IRA contribution.<BR /><BR />Be SURE to answer the follow up that the are choosing to make this contribution NON-DEDUCTIBLE - if that screen comes up. (DO NOT say that you moved (recharacterized) the money to a Roth) – this is a conversion, not a recharactorazition.<BR /><BR />Then enter the 1099-R that shows the distribution.<BR /><BR />Federal Taxes,<BR />Wages &amp; Income<BR />I’ll choose what I work on (if that screen comes up),,<BR />Retirement Plans &amp; Social Security,<BR />IRA, 401(k), Pension Plan Withdrawals (1099-R).<BR /><BR />&nbsp;Answer the follow-up questions answer the question that you moved the money to another retirement. The screen will open up with choices of where it was moved.&nbsp;&nbsp;Choose you converted it to&nbsp;&nbsp;Roth IRA.<BR /><BR />When asked if you have made any non-deductible contributions say " "yes" if you did then enter the non-deductible contributions made for tax years before 2017.&nbsp; &nbsp;&nbsp; (Usually zero unless you also made a 2016 or earlier non-deductible contribution).<BR /><BR />Enter the 2017 year end value of your Traditional IRA a "0" (zero) - if it is in fact zero - this tax free Roth conversion will not work if it is not zero.<BR /><BR />[If you had any other Traditional IRA at the end of 2016, then the nondeductible "basis" must be pro-rated over the current distribution and the total IRA value and only a portion of the Roth conversion will be non taxable and part will be taxable, with the remaining non-deductible basis carrying forward for future distributions.&nbsp;&nbsp;You can never only withdrew the nondeductible basis as long as the IRA exists and has a value more than zero.]<BR /><BR />The non-deductible amount of your contribution will be subtracted from the taxable amount of the conversion on then 8606 form and enter on line 15a of them 1040 form and a zero taxable amount on line 15b &nbsp;if you did it right.<BR /><BR />Also see this website that has some screenshots of the procedure<BR />&lt;a rel="nofollow" target="_blank" href="<A href="http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&quot;&gt;http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&lt;/a" target="_blank">http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html"&gt;http://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html&lt;/a</A>&gt;
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<pubDate>Sat, 01 Jun 2019 00:37:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/retirement/discussion/this-is-a-2-year-old-post-it-works-basically-the-same-w/01/40907#M1095
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<dc:creator>macuser_22</dc:creator>
<dc:date>2019-06-01T00:37:48Z</dc:date>
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