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February 9, 2022
Question

How do I deduct after tax contributions from IRA RMD payment

  • February 9, 2022
  • 1 reply
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how do I enter on Turbo Tax and deduct after tax contributions from IRA RMD payment

1 reply

February 9, 2022

Please follow these steps to enter your basis (after-tax contributions to traditional IRA) from previously filed Form 8606:

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Click "Continue" and enter the information from your 1099-R
  5. Continue through the questions
  6. On the "Your 1099-R Entries" screen after you entered all 1099-R click "continue"
  7. Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
  8. Answer the questions about the basis and value 
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