topic Partial Roth conversion with non-deductible contributions in Retirement tax questions

Partial Roth conversion with non-deductible contributions

axtell — Tue, 13 Apr 2021 20:11:21 GMT

I made a partial conversion from a Traditional IRA which included non-deductible contributions to a Roth IRA during 2020. When TurboTax asks for my 2020 year-end balance in my traditional IRAs, do I include the amount that I converted to the Roth or just the remaining balance on 12/31? Also, if I made a 2020 contribution to the Traditional IRA in January 2021, should I include that amount in the 2020 year-end balance? Thank you

Re: Partial Roth conversion with non-deductible contributions

DanaB27 — Tue, 13 Apr 2021 20:38:23 GMT

You will enter the traditional IRA value on 12/31 (remaining in the traditional IRA on 12/31), you will find that on your yearly statement. No, you will not include the contribution you made in 2021 for 2020 in the balance.

But you will enter the contribution on your 2020 return:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”