Then select Start or Update next to Traditional & Roth IRA Contributions.On the list of sections, locate Retirement & Investments.Select the Federal Taxes tab (this is Personal Info in TurboTax Home & Business), then Deductions & Credits.Open or continue to your return if it’s not already open.Select Back to return to where you left off in TurboTax.Schedule 1, Line 20, IRA deduction should be blank.Taxable amount should be zero unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to Roth IRA, in which case the earnings would be taxable.Your backdoor Roth IRA amount should be listed on Form 1040, Line 4a as IRA distributions.From the side menu, select Preview my 1040.Under Tools Center, select View Tax Summary.From the menu, select Tax Tools, then Tools (If you're currently using the TurboTax Mobile app, you'll need to sign in to the web browser version).To check the results of your backdoor Roth IRA conversion, see your Form 1040: Continue answering questions until you come to the screen, Your 1099-R Entries.Next, choose Yes, all of this money was converted to a Roth IRA.Select I converted some or all of it to a Roth IRA and Continue.Answer the questions on the following screens, until you reach Tell us if you moved the money through a rollover or conversion.Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.If you land on the screen, Your 1099-R Entries, select Add Another 1099-R.Answer Yes to Did you get a 1099-R in 2023?, then Continue.Locate the Retirement Plans and Social Security section and select Show more, then select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA Select Continue on Your IRA Deduction Summary.Instead, the full amount of your contribution will automatically be nondeductible.

If none of your contribution can be deducted, you won't see the option to make part of it nondeductible. When you reach the Choose Not to Deduct IRA Contributions screen, select Yes, make part of my IRA contribution nondeductible, enter the amount you contributed, then select Continue.Answer No on the screen Did You Change Your Mind?, then answer the questions on the following screens.On the screen, Tell Us How Much You Contributed, enter the amount contributed and select Continue.Answer No to the question, Is This a Repayment of a Retirement Distribution?.Answer Yes to the question, Did you Contribute To a Traditional IRA?.Check the Traditional IRA box and select Continue.Select Start or Revisit next to Traditional and Roth IRA Contributions.Locate the Retirement and Investments section and select Show more.Select Federal from the menu, then Deductions & Credits.Open your return if it’s not already open.Step 1: Enter the Non-Deductible Contribution to a Traditional IRA Think of IRA recharacterizations as a set of special rules allowing you to change your mind about the type of your current year IRA contribution. As a result of the Tax Reform Act, beginning with 2018, recharacterization of a Roth conversion is not allowed.Note: If your TurboTax navigation looks different from what’s described here, learn more.

Think of IRA conversions as allowing you to transfer funds from a non-Roth IRA account into a Roth IRA account, often with a taxable impact.

A recharacterization allows you to undo or reverse your rollover or contribution. Tax rules allow taxpayers to recharacterize their IRA contributions any time prior to the due date, including extensions, of their tax return. Then again, taxpayers sometimes change their minds after making contributions to an IRA, or contributions or a conversion to a Roth IRA. Be careful! There's almost always a time limit of 60 days to complete a conversion or rollover, with large penalties if the limit isn't met. Typically, most or all of the amount would be taxable. These conversions are treated as a rollover, moving an amount from one retirement account to another, except a conversion to a Roth IRA has an impact on your taxes. Taxpayers can move all or part of their traditional IRA balance to a Roth IRA.

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