Reporting Late Backdoor Roth IRA Contributions in TurboTax

[ambatput]

Hi DanaB27,

I figured out why I was still getting federal and state tax going up despite following the 2024 backdoor conversion steps. I was screwing up the "nondeductible contribution to the traditional IRA for 2024" portion and was doing the "1099-R conversion" portion correct. 

In step 6 (all steps related to the 2024 contribution portion shown below), I entered $13,500, but I should have -entered $7000 which is the 2024 portion.  Once I made this change, my federal and state taxes went back down to what it should have been before I attempted to complete the backdoor steps.   

And I double checked the 1040 form as you suggested, 4b is 0, PHEW!

Besides finishing up filing the 2024 return, I need to just mail out the 2023 8606 form to my designated IRS office. 

I am documenting all the steps in detail so that anyone else that might have same confusion or be in same boat as me right before the deadline, could benefit.

Thank You so very much for all your patience with answering all my questions today on this community page/question thread, I am extremely grateful for your help.

Thank You!

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1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions” 
3. Click on “Jump to IRA contributions"
4. Select “traditional IRA”
5. Answer “No” to “Is This a Repayment of a Retirement Distribution?”
6. Enter the amount you contributed
7. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
8. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contribution before this tax year.
9. Enter your basis in the Traditional IRA from your 2023 Form 8606 line 14 (if you had a basis in the prior year)
10. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (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 then a screen saying $0 is deductible).