Question
2024 Excess Contributions Backdoor Roth (I Had Zero Earned Income)
Situation:
1. 2024 Earned Income ZERO
2. Contributed $8000 to a non-deductible traditional IRA (not allowed due to $0 earned income)
3. Immediated converted to Roth IRA (i.e. backdoor Roth)
4. Had some capital gains from the $8000 since the conversion.
How do I handle this situation (in Turbotax and with the financial institutions)? Obviously I have to undo the whole thing. Note that since I converted to Roth, the traditional IRA has zero balance.
Thanks.
