IRA to Roth conversion

[THtax2024]

I moved $27,500  from my Traditional IRA to my Roth IRA in 2024 with my account manger at Edward Jones.  What account has to be updated with the basis and where in Turbo Tax is this done?

[AnnetteB6]

You need to be sure that the Traditional IRA account basis has been updated.  

You may see a follow-up question about tracking non-deductible contributions in your IRA after you have entered the Form 1099-R reporting the distribution from the Traditional IRA (which was converted to the Roth IRA).  

If you do not see that question, then you will enter the basis (total of your non-deductible contributions) of the Traditional IRA in the Deductions and Credits > Retirement and Investments > Traditional and Roth IRA Contributions section of your return.  

As you get started in that section, check the box that you have a Traditional IRA and go through the screens until you see a question about 'any non-deductible contributions' to your IRA.  Check 'yes' and then enter the total basis of the account as of the end of the year.  Remember, this is only asking for the contributions that were made, not the total value of the IRA.