DanaB27
Expert Alumni

Retirement tax questions

The contributions are enter under IRA contributions under Deductions and Credits.

And the conversions are entered when you enter the 1099-R you received in the 1099-R section.

 

For the 2019 tax year, the $5,500 is the nondeductible contribution for the prior year (2018). You have to enter the basis (Nondeductible contributions from prior year) and the value of the traditional IRA during 1099-R section interview. You did a conversion in 2019 and got a 2019 1099-R, correct?

 

For the 2020 tax year, you will enter the 1099-R as shown on the Form. Yes, you will have to enter the contribution for 2020 ($6,000) under IRA contribution and then enter the 1099-R. In the 1099-R section you will have to enter the the prior year basis from 2019 and the value of the traditional IRA.

 

@dilevincent

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"