Trying to record a backdoor Roth IRA conversion. TurboTax is treating this as taxable, but I had a zero balance in the traditional IRA and used after-tax $. Any ideas?
Trying to record a backdoor Roth IRA conversion. TurboTax is treating this as taxable, but I had a zero balance in the traditional IRA and used after-tax $. Any ideas?
If the contribution to your Traditional IRA and the subsequent conversion to the Roth IRA were both done in the same year, then it is likely that you have not yet entered the information for the non-deductible contribution that was made to your Traditional IRA or the basis of the Traditional IRA has not been entered.
Take a look at the following TurboTax help article for some guidance about how to report a backdoor Roth IRA conversion: