PKCPAMST
Level 5
04-20-2021
05:17 PM
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Here are the steps:
- On Screen 13.1 – Pensions, IRAs (1099-R), in Section Form 1099-R enter the Gross Distribution amount for the 2019 IRA distribution, making sure the IRA/SEP/SIMPLE box is checked. Leave the Taxable Amount blank.
- On Screen 13.1 – Pensions, IRAs (1099-R), in Section Form 8606, in the only field below Conversions to Roth IRA, enter the amount being converted to Roth IRA.
- On Screen 13.1 – Pensions, IRAs (1099-R), in Section Additional Electronic Filing Information, enter -1.
- Repeat Steps 1 through 3 for the 2020 IRA distribution.
- Go to Screen 24, Adjustments to income, in Section Traditional IRA, under Form 8606 (Part I) enter $7,000 twice – once in IRA basis for 2019, and then in 2020 nondeductible contribution.
Now, when you go the Forms tab, Form 8606 Parts I and II should be populated. If there is an amount on Line 18, it will flow through to Form 1040-SR, Line 4b.
Please let me know if this helps.