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lisa99
New Member

Roth IRA exceed the contribution limits in 2018 when I filed my tax return on 2019 March, so I withdrew the contribution 5500, and reported in the turbo tax. this year I received two 1099 R forms at 2020

one 1099-R is for the backdoor IRA I made in 2019. One 1099-R is for the 5500 I withdrew from Roth IRA, so how should input these 1099 R forms in the turbo tax? the 5500$ form has J in the box 7, and 6000 backdoor one has code 2. I don't have any other information in 5500$ form. besides, I also received two 5498 forms, where shall input these forms in turbo tax? can someone give me a suggestions, this question has driven me crazy. 

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1 Reply
DanaB27
Expert Alumni

Roth IRA exceed the contribution limits in 2018 when I filed my tax return on 2019 March, so I withdrew the contribution 5500, and reported in the turbo tax. this year I received two 1099 R forms at 2020

Usually, a 1099-R for the withdrawal of excess contributions to a Roth IRA has a code J and code P in box 7 and you would have to enter the 1099-R on your 2018 tax return. Please, verify if the $5,500 1099-R has also code P in box 7?

 

For the backdoor Roth in 2019 you will enter the nondeductible contribution of $6,000:

  1. Login to your TurboTax Account 
  2. Click "Federal" from the left side of your screen
  3. Click “Deductions &Credits” on the top
  4. Scroll down to “Retirement and Investments” and click “Show more
  5. Scroll down to “Traditional and Roth IRA Contributions” and click “Start
  6. Select “traditional IRA
  7. Answer “No” to “Is This a Repayment of a Retirement Distribution?
  8. Enter the amount you contributed
  9. Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
  10. Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes
  11. If you had a basis in the Traditional IRA before then enter the amount.
  12. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount.

 

To enter the 1099-R distribution/conversion ($6,000): 

  1. Click "Federal" from the left side of your screen
  2. Scroll down to “Retirement Plans and Social Security” and click “Show more
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I converted all of this money to a Roth IRA account.”
  10. On the "Your 1099-R Entries" screen click "continue"
  11. Answer "yes" to "Any nondeductible Contributions to your IRA?"
  12. Answer the questions about the basis

 

Once you entered this you do not need to enter the Forms 5498.

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