Unable to figure out Back door IRA Roth Conversion in Turbo Tax Online Premier Edition 2020

[chandansingh]

Hello, 

For the TAX year 2020,  I made a contribution to my Traditional IRA ($6000) on 15 January 2021 and converted the complete amount to Roth IRA on 21 January 2021 under Back Door IRA Conversion.  It seems some options have changed in Turbo Tax online addition. I went through several forum posts as well as external blogs and video to find out how to report it in the online version of the Turbo Tax but has not been successful. At a lot of places, it's mentioned that report back door IRA is easier in the Desktop version. 

This is my current snapshot on 1040.  I will really appreciate if Turbo Tax can provide a walkthrough as to how to report Back door Roth IRA conversion  in the Online version of Turbo TAX  for 2020 

[fanfare]

you are converting in 2021 - that goes on your 2021 tax return.

meanwhile, for 2020 you must make the election to have your contribution be non-deductible. you will file 2020 Form 8606.

[macuser_22]

That is because you are  year too early.

You will report that a year from now on your 2021 tax return in 2022.

A conversion after Dec 31, 2020 is a 2021conversion reported on a 2021 1099-R that you will receive un January of 2022.

(You have until the due date of the tax return (Apr 15)  to make a *contribution* for the prior year, but conversions end at years end.)

[chandansingh]

Thank you. This was really helpful. 

Here is my understanding  

For the Year 2020 :

1. Nondeductible After TAX Tradition IRA contribution for the Tax year 2020, made between Jan 01, 2021, and April 15, 2021, will be reported in the 2020  Tax Document. 
2. Back Door Roth IRA Conversion of  Point 1, will be reported in the 2021  Tax Document. 

For the Year 2021, 

        A. Nondeductible After TAX Tradition IRA contribution for the Tax year 2021, made before Dec 31, 2021,  will be reported in the 2021 Tax Document.

        B. Back Door Roth IRA Conversion of  Point A, will be reported in the 2021 Tax Document.