Why doesn't Roth conversion amount appear in IRA Information Worksheet (lines 35 and 59)?

[Questionasker]

For 2024 on the IRA information worksheet there is no amount showing on line 35 and there is no amount showing on line 59. 

I converted $1234 from a Traditional IRA to a Roth IRA.

I  have filled out the TurboTax interview according to the 1099-R 

1. Gross distribution  $1234

2a Taxable amount $1234

2b Taxable amount not determined  (x)

7 Distribution code(s)  7

IRA/SEP/Simple (x)

When I look at the 2023 IRA Information Worksheet it shows the proper amount on lines 35 and 59.  However those lines are blank for 2024.  There must be something in the interview that I need to answer differently but nothing seems apparent.  Suggestions?

[DanaB27 · Accepted solution]

Please review the instructions to enter a conversion below.

In TurboTax Online:

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
5. On the "Review your 1099-R info" screen click "Continue"
6. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
7. Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

In TurboTax Desktop:

1. Click "Federal Taxes" on the top and select "Wages & Income"
2. Click "I'll choose what to work on"
3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (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 did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
10. On the "Your 1099-R Entries" screen click "continue"
11. Answer "yes" to "Any nondeductible Contribution to your IRA?" if you had any nondeductible contributions in prior years.
12. Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

[Questionasker]

1) Thank you.  I will save those instructions for next year also since this is not the first time this has tripped me up!  I think this following instruction is not intuitive, since I only did ONE thing (not a combination), that is, converted to a Roth IRA and it doesn't say anything about Roth IRA until drilling deeper: “I did a combination of rolling over, converting, or cashing out money.” But I imagine it is worded the way it is to accommodate many scenarios.  

2) The answer does raise another question. Although the above answer helps me keep all of my Roth IRA contribution/conversion information correct, regarding Traditional IRAs I don't see any basis and value on the IRA Information Worksheet.

Should there be a total there? 

If so is it important to track? 

All of our Traditional IRA contributions in the past have been deductible.  We haven't made any Traditional IRA contributions for many years.

Regarding step12. Answer the questions about the basis from line 14 of your 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

would step 11. negate the need to enter a value for Traditional IRAs if all have been deductible?  Step 11. Answer "yes" to "Any nondeductible Contribution to your IRA?" if you had any nondeductible contributions in prior years.

[DanaB27 · Accepted solution]

If only had deductible Traditional IRA contributions then you will not have a basis in the IRA. Only when you make nondeductible Traditional IRA contributions will you have a basis reported on Form 8606 part I.

Correct, since you only made deductible contributions you will say "No" to "Any nondeductible Contribution to your IRA?" and you do not get the screens to enter the basis and the value.