topic Roth IRA Backdoor Conversion in Retirement tax questions

Roth IRA Backdoor Conversion

huangddg84 — Sat, 15 May 2021 07:41:45 GMT

Hi, I did Roth IRA backdoor conversion last year (2020), for both the year 2019 and 2020. Therefore, I have $12000 on my 1099R. I followed the method from the link below to report it on TurboTax:

https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html

I was only able to add the 2020 IRA contribution and there is no where to put in the 2019 one. What should I do to claim the 2019 contribution? Do I need to go back and file the 2019 tax amendment?

Re: Roth IRA Backdoor Conversion

fanfare — Sat, 15 May 2021 12:06:23 GMT

Did you take a deduction in 2019 for contribution?

If no, the 2019 contribution must come forward from your 2019 Form 8606.

If yes, part of your conversion will be taxable.

Re: Roth IRA Backdoor Conversion

huangddg84 — Sat, 15 May 2021 16:04:41 GMT

Thank you for the response.

No, I didn't take deduction (it's non-qualified due to exceeding income limit, thus the backdoor Roth conversion).

Can I claim the basis for 2019 to be $6000 in the 2020 tax form? This way, it correctly deducted off the $6000 for 2019 in 1099R.