Question

Roll over IRA to back door roth IRA 1099R

Forum|Forum|5 years ago
February 27, 2021
1 reply
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Dear members,

I used to have an old 403b with approximately $9k which I rolled over into an IRA in 2019. Subsequently, I rolled that over into a ROTH IRA (which should be a taxable event) in 2020. After that, I contributed $6k for years 2019 and 2020 to the IRA and rolled them over to the ROTH IRA (which should be tax free as it is post tax money).

I want to file taxes for 2020 with TurboTax and received a form 1099-R. Here the total is $21k-ish from the beginning balance of $9k and $12k from 2020 and 2019.

All I have is a 1099-R for 2020 and a form 5498 for 2019.

Now adding the 1099-R in TurboTax makes it seem to my I pay taxes on all of the $21K. Where do I add that i contributed $12k of post tax money to lower the tax burden?

Thank you for your help.

T

ThomasM125

When you enter the form 1099-R in TurboTax, you should be asked if you made any non-deductible contributions to it. When you answer "yes", you will be asked for your total basis as of December 31, 2019 (basis is your non-deductible contribution amount.)

Then, you'll be asked to enter the value of your IRA's at December 31, 2020, and also the value of outstanding rollovers and recharacterizations. When you answer those questions correctly, the taxability of your IRA distribution should be handled appropriately in TurboTax.

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