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April 14, 2024
Question

Roth

  • April 14, 2024
  • 1 reply
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Hello everyone and thanks for your help.

 

In the calendar year 2023, I contributed to my traditional IRA twice: $6500 (For year 2023), $6000 (For year 2022) - I was told could do this within a certain timeframe in calendary year 2023. I then converted all $12,500 of it to a Roth account. I received a 1099-R, with a $12,500 conversion number. 

 

My question is, how should I reflect this in TurboTax? The maximum I can write for my contribution in 2023 is $6,500 (2023 contribution), and there does not seem to be a place to notate my tax year 2022 contribution of $6,000 that I also did in calendar 2023.

 

Thank you.

 

Thank you.  

1 reply

April 14, 2024

The nondeductible  contribution for the 2022 should have been reported on your 2022 return. You should have a 2022 Form 8606 with a basis on line 14. You will enter this basis in your 2023 tax return when TurboTax asks  "Any nondeductible Contributions to your IRA?".

 

Please review How do I enter a backdoor Roth IRA conversion? and see "If your conversion contains contributions made in 2023 for 2022"
 

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