Backdoor Roth with TurboTax online? (2024)

Well, I can't figure out how to do this with the online version of TurboTax.

We have a very basic backdoor Roth from 2021. Contributed to IRA in 2021 and converted the next day. Should be a piece of cake, but we purchased the online version of TurboTax, and it's for some reason much different than the download from last year. Should I consider that $130 a sunk cost and just buy the download? There are plenty of tutorials for how to do it on the downloaded version. Appreciate any help!

This is for the download version, but maybe it will help.

https://thefinancebuff.com/how-to-repor ... botax.html

Also here:
https://ttlc.intuit.com/community/enter ... n/00/25567

Instruction for online if you click on the triangle to expand the text

Finished my taxes today and thanks to this forum I knew that my new backdoor converted Roth IRA was not a recharacterization!

Originally HR block said I overcontributed and needed to pay tax and penalty but then I came here and fixed it before filing.

life in slices wrote: ↑Wed Mar 30, 2022 3:29 pmAlso here:
https://ttlc.intuit.com/community/enter ... n/00/25567

Instruction for online if you click on the triangle to expand the text

Thanks, I tried this and it didn't work, or so I thought. I'll post this in case it will help somebody else. It's true, you need to go through the steps to enter a non-deductible IRA contribution, and THEN you can do the conversion step under wages & income.

First time, I went through all the contribution steps, and got this message:
"Income too high to deduct an IRA contribution." Then the next screen say: "Based on what you've entered you don't quality for an IRA deduction. You will need to complete your return before we can show you the actual results."

That made me think I screwed up. Especially before I read that second sentence in bold. After doing the conversion step, I looked at the 1040 and everything was as it should be.

Thanks all!

I used the downloaded version of TurboTax. This link is terrific. Follow the instructions precisely.

https://thefinancebuff.com/how-to-repor ... botax.html

Also be sure to check in "Forms" in TT to be sure a Form 8606 has been generated to show the non-deductible Trad IRA.