Roth IRA Nondeductible basis

How do I fill out IRS form 8606 for backdoor Roth?

Part I of form 8606

1. Line 1: Enter the nondeductible contribution you made to a traditional IRA in 2020. …
2. Line 2: Enter your total basis in Traditional IRAs. …
3. Line 3: Add lines 1 & 2 so you would enter $6,000 (or whatever amount you used for your nondeductible contribution).

How does TurboTax handle Backdoor Roth IRA?

TurboTax Online

1. Sign in to your TurboTax account.
2. Open your return if it’s not already open.
3. Select Federal from the menu, then Deductions & Credits.
4. Locate the Retirement and Investments section and select Show more.
5. Select Start or Revisit next to Traditional and Roth IRA Contributions.

How do I report a backdoor Roth in TurboTax 2021?

How do I enter a backdoor Roth IRA conversion?

1. Open your return if it’s not already open.
2. Inside TurboTax, search for ira contributions and select the Jump to link in the search results.
3. Select Traditional IRA on the Traditional IRA and Roth IRA screen and Continue.