topic Conversion from traditional IRA to Roth IRA where traditional IRA contained contributions from more than one year ago. in Retirement tax questions

Conversion from traditional IRA to Roth IRA where traditional IRA contained contributions from more than one year ago.

Sandeep1 — Mon, 03 Jun 2019 20:07:25 GMT

I had contributed $1100 to a traditional IRA in 2015. This was non deductible. This amount was invested. In 2016 my wife contributed $5500 (deductible) into her traditional IRA. In 2017 both my wife and I each contributed $5500 into traditional IRA. Then in 2017, I did a backdoor Roth conversion and converted both our traditional IRAs to a Roth IRA. How do I use turbo tax to report this? The amount from my 1099R is getting added to my income and I am getting double taxed.

To make it clear, I file my tax jointly with my wife

Sandeep1 — Mon, 03 Jun 2019 20:07:26 GMT

To make it clear, I file my tax jointly with my wife

Take a look at the TurboTax article below for step-by-ste...

AnnetteB — Mon, 03 Jun 2019 20:07:27 GMT

Take a look at the TurboTax article below for step-by-step instructions to enter your Back Door Roth contributions.

One key point to watch is entering your previous non-deductible basis ($1100).

When all is done, you should see the total amount of distributions from your Form 1099-R (both you and your spouse) reported on line 15a. Line 15b should be the sum of any earnings in your IRA from the 2015 contribution that was invested plus $5500 (and earnings if any) from your wife’s deductible 2016 IRA contribution.

https://ttlc.intuit.com/replies/6768029

@TurboTaxAnnetteB That worked like a charm!! :) Thanks fo...

Sandeep1 — Mon, 03 Jun 2019 20:07:28 GMT

@TurboTaxAnnetteB That worked like a charm!! 🙂 Thanks for the detailed answer.

Great!

AnnetteB — Mon, 03 Jun 2019 20:07:29 GMT

Great!