Question

I opened a traditional IRA last week, deposit $6000 (as non-deductible) and then converted to Roth (backdoor) how do I fill out the tax returns

Forum|Forum|5 years ago
February 3, 2021
1 reply
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Do I just follow the instructions and enter the traditional IRA in Turbo Tax (as non-deductible determined by Turbotax) and don't bother with Roth, since the conversion happened in 2021 and there is no 1099 R form for 2020 (because I didn't have any IRA or Roth IRA from previous years)?

Also want to confirm that the backdoor conversion is not a "Switch" or "recharacterization", and I should answer No, when Turbotax ask the questions "did you change you mind" about switch or recharacterization. Is that correct?

macuser_22

Employee

Just enter the contribution in the IRA contribution interview and mark it as non-deductible which will produce a 8606 form with the contribution on line 1, 3 and 14. You will need that 8606 next year when you get the 1099R for the distribution.

And no - it is NOT a recharacterization.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**