tccpg289
Level 4
03-26-2024
07:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Let's assume the taxpayer contributes to an IRA with the intention of a backdoor Roth.
The contribution is immediately converted, thus a 1099-R is issued.
What are the mechanics in ProSeries to ensure this is captured properly? Does it get entered on the traditional IRA deduction screen, and then on the 1099-R screen (deductible and taxable), or is there a method to enter it so that it is non-deductible and non-taxable? Does the code on the 1099-R dicate how this is all entered?
Labels