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Turbo Tax – Late Contributions to Backdoor ROTH IRA

Home Tax Reduction Turbo Tax – Late Contributions to Backdoor ROTH IRA

  • Avatar justlearning 
    Participant
    Status: Other Professional, Spouse
    Posts: 117
    Joined: 08/15/2017

    in February 2018 I made IRA Contributions $5500 for 2017 and $5500 for 2018 tax year. I filed 8606 for 2017 tax year. (Attached) and then moved $11000 to ROTH IRA a few days later.

    I got 1099-R from Fidelity and i am plugging the numbers to TurboTax. I am following;

    https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/

    I am having hard time to get line 8-9-10-11 to reflect correctly in TurboTax but the rest of the 8606 looks good. (Attached)

    When i look at details of of the forms   “Taxable IRA Distributions Worksheet” It does seem like it is taking account line 8-9-10-11.

    Anyone having similar problem? or am I just doing it wrong in TT?

    Thanks.

     

     

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    #188097 Reply
    Avatar JBME 
    Participant
    Status: Spouse
    Posts: 485
    Joined: 03/26/2018
    #188101 Reply
    Avatar Gamma Knives 
    Participant
    Status: Physician
    Posts: 163
    Joined: 06/25/2017

    I’m not an expert but it all looks correct. It looks like your taxable is $0 which is the goal. What’s the problem?

    #188113 Reply
    Avatar justlearning 
    Participant
    Status: Other Professional, Spouse
    Posts: 117
    Joined: 08/15/2017

    I reviewed that post as well. It just does not cover late contributions.

     

    I’m not an expert but it all looks correct. It looks like your taxable is $0 which is the goal. What’s the problem?

    Click to expand…

    Looking at the WCI tutorials he has line 8-9-10-11  filled out. Where is TurboTax those fields are not populated. I just want to make sure i am doing correctly.

    #188242 Reply
    Avatar archdelux 
    Participant
    Status: Physician
    Posts: 4
    Joined: 06/06/2017

    Yes, I noticed the same thing. I have the correct numbers and taxable amount of zero, but using turbotax looking at form 8606 lines 8-9-10-11 are blank whereas in the white coat investor example they have the sum of both years (11000). Not sure if this is an issue or not. following to see if anyone has insights.

    #189079 Reply

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