Please follow these steps to enter your conversion: Click on "Search" on the top right and type “1099-R” Click on “Jump to 1099-R” Click "Continue" and enter the information from your 1099-R 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” On the "Your 1099-R Entries" screen click "continue" Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years. Answer the questions about the basis and value Please be aware, that this is a taxable event unless you had nondeductible contributions (basis) in the account. If you had a basis from prior years make sure you enter them in step 7. If you made a nondeductible contribution to your traditional IRA in 2021 then please follow these steps: Login to your TurboTax Account Click on "Search" on the top right and type “IRA contributions” Click on “Jump to IRA contributions" Select “traditional IRA” Answer “No” to “Is This a Repayment of a Retirement Distribution?” Enter the amount you contributed Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contributions before this tax year. If you had a basis in the Traditional IRA before then enter the amount. On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a screen saying $0 is deductible).

Question

I did a roth conversion for the first time this year and looking to file taxes. Trying to understand how i report?

Forum|Forum|4 years ago
February 21, 2022
1 reply
0 views

No text available

TurboTax Premier Online

D

DanaB27

Please follow these steps to enter your conversion:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
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”
On the "Your 1099-R Entries" screen click "continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis and value

Please be aware, that this is a taxable event unless you had nondeductible contributions (basis) in the account. If you had a basis from prior years make sure you enter them in step 7.

If you made a nondeductible contribution to your traditional IRA in 2021 then please follow these steps:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”
Answer “No” to “Is This a Repayment of a Retirement Distribution?”
Enter the amount you contributed
Answer “No” to the recharacterized question on the “Did You Change Your Mind?” screen
Answer the next questions until you get to “Any Nondeductible Contributions to Your IRA?” and select “Yes” if you had a nondeductible contributions before this tax year.
If you had a basis in the Traditional IRA before then enter the amount.
On the “Choose Not to Deduct IRA Contributions” screen choose “Yes, make part of my IRA contribution nondeductible” and enter the amount (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a screen saying $0 is deductible).