Backdoor Roth Rollover Being Counted as Income
My spouse and I each made a $6000 non-deductible contribution to a traditional IRA. These contributions were made with funds from a standard savings account (ie we already paid taxes on these funds). We both did a rollover to a Roth IRA of the entire amount. Turbotax is now saying this $12000 is income and we have to pay taxes on $12000 of retirement fund distributions.