I am planning to file taxes for the first time without using a CPA. I will be using Turbotax . Just have a W2, but still not able to find a good link or advice about backdoor roth in turbotax ( for myself and spouse-did for the first time in 2018) . Please advise. Thank youFebruary 9, 2019 at 6:04 pm MST #189583ID DocParticipantStatus: PhysicianPosts: 60Joined: 02/23/2017PedsParticipantStatus: PhysicianPosts: 2699Joined: 01/08/2016
If you are purely W2, why do you need a CPA?February 9, 2019 at 9:45 pm MST #189607
Thanks ID Doc
Peds, I should not have used a CPA, but then I did not know about this site. Thanks to all the wonderful people on this forum.
Feel like I wasted a lot of money.PedsParticipantStatus: PhysicianPosts: 2699Joined: 01/08/2016
It’s all learning.February 10, 2019 at 10:56 am MST #189678LordosisParticipantStatus: PhysicianPosts: 81Joined: 02/11/2019
I am planning to file taxes for the first time without using a CPA. I will be using Turbotax . Just have a W2, but still not able to find a good link or advice about backdoor roth in turbotax ( for myself and spouse-did for the first time in 2018) . Please advise. Thank youClick to expand…
I did the same. Always used a CPA but started reading this site last year and did it with Turbotax this year. The article above was very helpful for the BDR.February 11, 2019 at 12:01 pm MST #189904MPMDParticipantStatus: PhysicianPosts: 1900Joined: 05/01/2017
always try at least a few years w/o a CPA esp early when it’s mostly just w2.
then if you need to pull the trigger on a CPA at least you understand WHY you are using one, helps you police their work, no one will ever care about your money as much as you do.
if you are talking to a CPA as a doc literally my first question would be “tell me how you handle a backdoor Roth contribution.” any answer that indicates anything other than effortless familiarity with this = don’t hire that person.
the ideal answer would be something like a confident little laugh followed by, “i make sure my clients are doing them and then report them correctly.”
I have some questions. Please excuse if they sound dumb.
Does Turbotax give you an option to do backdoor separately for you and spouse?
Same with income, interest etc? Do you add it or enter separately for you and spouse?
I am filing it tomorrow and have gone through the Finance buff article, is very helpful.
Thanks.February 16, 2019 at 4:49 pm MST #191296ID DocParticipantStatus: PhysicianPosts: 60Joined: 02/23/2017
You have to report the backdoor Roth IRA separately, so yes. You also do enter income for yourself and your spouse separately. It will ask you for one spouse’s W-2, then the other spouse’s W-2, etc.