Report a traditional IRA contribution?
- Open Screen 24, Adjustments to Income.
- In the Section list, click Traditional IRA.
- Enter 1 in IRA Contributions (1 = Maximum Deduction) to calculate the maximum deductible contribution allowed for the taxpayer and spouse (IRA worksheets).
- Enter recharacterizations of taxpayer and spouse contributions in Recharacterizations.
- Enter the IRA contributions made by the taxpayer and spouse in Contributions Made (Letter Use Only).
- Enter other earned income and any amounts already entered in Other Income relevant to the IRA calculation that qualify as earned income in Other Earned Income [A].
Report a recharacterization of a ROTH IRA Conversion?
- Open Screen 13.1, Pensions, IRA.
- In the Form 1099-R list, click the payer.
- In the Section list, click Form 1099-R.
- Enter the full distribution in Gross Distribution.
- Enter the taxable distribution in Taxable Amount.
- Select the IRA/SEP/SIMPLE checkbox.
- In the Section list, click Form 8606.
- Enter the distribution being converted to a Roth IRA in Traditional IRA Distributions Converted to Roth IRA.
- Enter the amount to recharacterize in Recharacterizations.
- Type in an explanation in Explanation of Recharacterizations (Ctrl+E).