Question

Backdoor roth conversion from a previous year traditional IRA limit

Forum|Forum|5 years ago
July 6, 2020
1 reply
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I made a non-deductible IRA contribution($5500) in February 2019 ,against 2018 traditional IRA limits.

I made another non-deductible IRA contribution($6000) in November 2019 , against 2019 traditional IRA limit.

I converted the entire sum(11500) into a ROTH IRA via backdoor.

I got a 1099-R which shows an amount of 11500 , and gain is 0$.

However I get an error on turbo tax as below

Taxable Amount should not bbe zero if there is no prior year excess traditional IRA contribution on line 10b,2018 column , of the federal Carryover Worksheet.

Can someone help on how I should proceed.

TT is not allowing me to e-FILe.

macuser_22

Employee

What code is in box 7 on your 1099-R?

Is the IRA/SEP/SIMPLE box checked?

**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.**

Z

zumbar12Author

Yes the box is checked.

macuser_22

Employee

Exactly where and when do you see that error message? It would appear to have nothing to do with the 1099-R.

Line 10b on the carryover work sheet is "Spouses excess Coverdell ESA contributions" for 2018 or 2019.

**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.**