Backdoor IRA - Contribution and Conversion done in 2024 for the year 2023

[TXbk]

I contributed to a Traditional IRA for first time and chose the year 2023 for the contribution i made in March 2024. Immediately i transferred it to Roth IRA. 

I am following the instructions mentioned in this page for the Desktop Edition. Few observations/questions: 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-...

I am able to do the Step 1: Enter the Non-Deductible Contribution to a Traditional IRA

In the section "Tell Us How much you contributed" I have indicated that I contributed the whole amount between Jan 1 2024 and Apr 15 2024. 

Issue 1:

#10 in this step says When you reach the Choose Not to Deduct IRA Contributions screen.

I don't see such screen.

I do see a question "Any Nondeductible Contributions to Bijay's IRA" which i believe is for prior years. I am selecting No here. 

For Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA

Issue2:

For Did you receive any 1099-R forms? 

I checked the broker and it shows that 1099-R will get generated around 5/31

I know the amounts, so should I enter the values anticipated ? 
Or should I file an extension and wait for 1099-R? 

[DanaB27]

Issue 1:

If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and you will not get the “Choose Not to Deduct IRA Contributions” screen. At the end of the IRA contribution interview you should see a screen saying $0 is deductible.  

Issue 2:

The conversion will happen in 2024, therefore the "Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA" will have to be reported on your 2024 tax return when you get the 2024 Form 1099-R in 2025.

You will have a 2023 Form 8606 with a basis on line 14 which will be entered on your 2024 tax return when you enter the conversion.

[TXbk]

Thank you for you feedback. It clarifies everything. 

I hope they update the Turbotax documentation page with the following useful information which help people avoid confusion. >>

If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and you will not get the “Choose Not to Deduct IRA Contributions” screen. At the end of the IRA contribution interview you should see a screen saying $0 is deductible.