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1st time with turbotax-backdoor roth

Home Tax Reduction 1st time with turbotax-backdoor roth

  • Avatar uksho 
    Participant
    Status: Physician
    Posts: 12
    Joined: 09/01/2018

    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 you

    #189583 Reply
    Avatar ID Doc 
    Participant
    Status: Physician
    Posts: 60
    Joined: 02/23/2017
    #189587 Reply
    Liked by MPMD
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3997
    Joined: 01/08/2016

    If you are purely W2, why do you need a CPA?

    #189607 Reply
    Avatar uksho 
    Participant
    Status: Physician
    Posts: 12
    Joined: 09/01/2018
    alpha investing

    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.

    #189652 Reply
    Liked by Peds, jfoxcpacfp
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3997
    Joined: 01/08/2016

    It’s all learning.

    #189678 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1315
    Joined: 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 you

    Click 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.

    “Never let your sense of morals prevent you from doing what is right.”

    #189904 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2287
    Joined: 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.”

    #189911 Reply
    Liked by Tim, Lordosis, Peds
    Avatar uksho 
    Participant
    Status: Physician
    Posts: 12
    Joined: 09/01/2018

    Hello,

    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.

    #191296 Reply
    Avatar ID Doc 
    Participant
    Status: Physician
    Posts: 60
    Joined: 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.

    #191355 Reply
    Liked by Peds
    Avatar uksho 
    Participant
    Status: Physician
    Posts: 12
    Joined: 09/01/2018

    Thanks, I was able to file it without any problem.

    #191866 Reply
    Liked by ID Doc

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