PLEASE DELETE: NO LONGER NEED ASSISTANCE

Lisa3737 — Sat, 08 Mar 2025 11:51:22 GMT

Re: Made IRA contribution for 2023 in 2024. Conversion was done in 2024. Turbo Tax is taxing me o...

DanaB27 — Sat, 08 Mar 2025 11:53:09 GMT

You should have entered the nondeductible traditional IRA for 2023 on your 2023 return and TurboTax would have created Form 8606 with a basis on line 14 ($7,500). This basis has to be entered during the interview when TurboTax asks “Any Nondeductible Contributions to Your IRA?”.

If this form isn't included in your 2023 return, you'll need to fill out a 2023 Form 8606 to record your nondeductible basis for conversion, and mail this form to your designated IRS office.

To enter the Form 1099-R conversion:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
On the "Review your 1099-R info" screen click "Continue"
Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

topic PLEASE DELETE: NO LONGER NEED ASSISTANCE in Retirement tax questions

PLEASE DELETE: NO LONGER NEED ASSISTANCE

Re: Made IRA contribution for 2023 in 2024. Conversion was done in 2024. Turbo Tax is taxing me o...