unable to enter IRA basis from my previous year’s filing ( which was done manually)

[user17748015245]

Hi,  this is my first time using Turbotax (Do it yourself Deluxe).  I have an IRA distribution that I partially converted to Roth. However in Turbotax I have not found a way to enter my basis from my last year's filing which I had done manually.  In the past I used the to basis to calculate the taxable amount of the distribution. I don’t seem to be able to do it with Turbotax. Is there something special that I need to do since I can’t enter the basis manually or seem to find a place?

 Thank you.

Dave

TT 

[AnnetteB6 · Accepted solution]

After you have entered the information reported on your Form 1099-R, one of the follow-up questions should ask about your basis in the account, or any non-deductible contributions that were made to the account.  

If you did not see that as part of the follow-up questions, you can also enter the basis of an 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 for the type of IRA you have 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.  Remember, this is only asking for the contributions that were made, not the total value of the IRA.  

[user17748015245]

Thank you! After a little confusion on my part I was able to use your suggested second option.

Silly question..It appears that the software subtracted my basis from total IRA distribution (which was partial converted to Roth) to get the taxable amount. Is that the way it's supposed to work? My refund went up considerably after it did that.

Again,  thank you for your assistance with this.

Dave