Hi, I contributed $5000 to Traditional IRA in 2021, then converted $1000 to Roth IRA in 2021 as well. The intention is to do Backdoor IRA. But then I converted the rest of the $4000 in 2022 (following tax year) to Roth IRA. Now I received the 1099R for Gross Distribution of $4000 and 2a Taxable amount is blank. Distribution code of "8J"
When I filed in Turbotax it is errored out asking to fill 2a of form 1099R and description for form 1044/1044-SR Worksheet.
What should I fill for both of these? Please advise.
Thanks in advance!
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The code 8J Form 1099-R is reporting a return of contribution from a Roth IRA and that does not correspond to any of the transactions that you mentioned. It doesn't seem to make any sense in the context you have given because you have not mentioned any Roth IRA contributions that are eligible for return.
Is the initial $5k qualified? Just because you contributed to a traditional IRA doesn't automatically make it qualified. You can figure out if you do qualify for a deduction based on your income and the tables provided on the IRS website.
If it was nondeductible, then the $1k you converted to Roth in 2021 doesn't get entered on 2a, you would enter "0". You'll need to make the same determination in your 2022 return for the other $4k you converted.
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