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Ep 26. Backdoor Roth Turbotax Video Tutorial
How to report your Backdoor Roth properly with Turbotax
*This video is for entertainment purposes and not to be considered legal or financial advice. Please consult with your finance and tax professionals prior to making any financial decisions….(read more)
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TuboTax software has only changed slightly so this tutorial is still great to knowing how to get thru the complex forms and get taxes done correct.
Spot on video explaining a really convoluted workflow. Thanks for this video.
YOU ARE THE GREATEST. THANK YOU.
you save my life again and again. 2 years in a row now. Nobody else in YouTube has explained this any better. Thank you!
Thank you so much for making this video and you are right about not lot of people being aware of roth IRA and even worse people who are filing taxes for us do not even know how it works. Your explanation and walking us through the process is very simple and helpful. I have already subscribed and liked the video. Please keep making these types of educational contents.
The resolution is very poor. How to get a higher resolution one?
Your video was really helpful, thank you. I do have a question. I made a contribution and did the conversion for me in 2021 (this is for tax year 2021), but I made the contribution and conversion for my spouse in 2022 for tax year 2021. How do I file this? When I tried to do it as described in your video, everything looked good after I completed my 1099-R, however, the moment I did the same for my spouse it totally screwed up my taxes due. Can you shed some light on what I did wrong.
Can you do an example? Traditional IRA contribution and Roth conversion on 2022 for prior tax year (2021)?
This is helpful. I wish the video quality is higher. It's kind of hard to read the form.
A very helpful video! I will share this great information with everybody I know who is struggling with tax reporting regarding Backdoor Roth. Thank you!!
What a great explanation sir. I spent hours with TurboTax professionals and still no clue on how do backdoor. One question , I am filing taxes for 2021 and did backdoor last year for 2020 tax. Vanguard sent me 1099-R , so what am I supposed to do with that ? I understand the new 1099-r as per the video. Should I enter 3 1099-r?
So you cant do a back door Roth from an existing traditional Ira that has holdings in it? It has to be zero?
This is out of date and no longer applicable to 2021
Filing my 2021 taxes and this video is still relevant! TurboTax FAQ didn't really help with anything, and other YouTube videos only showed how to fill out an 8606 not using TurboTax. Thanks for the help – 3 years later!
Doing my 2021 taxes using TurboTax and this is still a great explanation (despite small changes in TurboTax questions). Like others in years past, I spent an hour or so looking around for help on how not to pay extra tax on my Roth conversion (a.k.a. backdoor Roth), and this was the only explanation I could find that walked through all the steps. Thank you!
this was a great video. Watching it in 2022. A few changes but still very informative
Do you have instruction for this year’s?
Can you make a subsequent video to this one walking through a Back Door ROTH conversion after year one. The confusion is how to answer correctly turboTax questions to determine the cost basis for each year subsequent to the first year you do it.
Thanks
Thank you! Turbo Tax is real stupid and help is not entirely helpful.
The video quality is so bad
omg thank you for this video. My form wasn't getting filled out right, and I couldn't figure it out! Thanks for this video!!!
What if you did a 2019 ($6000) and 2020 ($6000) contribution, but then did the conversion for both in 2020? aka doing a late contribution, so at the 6:31 mark you would answer 'yes' ?
THANK YOU!!! I have struggled with doing this on Turbo Tax for years and even after doing correctly in 17 & 18 (by shear luck), I did it wrong in 2019 and was not looking forward to tackling this again. I found step by step instructions on Turbo Tax help sites, but nothing was as good, as clear, and as easy to follow as this video.
Thanks a lot, just did an amended for 2018 for my wife, will do another amended for 2019.