Hi all,
I do backdoor conversions every year from Traditional IRA to Roth IRA. In the beginning of year 2022 I had a balance in my traditional of $500 from year 2021. I also contributed $2920 in 2022 for year 2021. I then contributed $6000 for year 2022. All of this was converted in year 2022 for a total of $9420 which was reflected correctly on my 1099-R of conversions from Traditional to Roth.
Quick question. Under the portion of entering 1099-R there is a question "Any Nondeductible Contributions to IRA?" Do I simply enter line 14 from 8606 from tax year 2021? Or would this amount be $0 because everything is now $0 in my traditional at end of year 2022?
Also, when I enter my 1099-R for these conversions it adds a tax burden even though I shouldn't be paying any taxes on these. Will this amount change later in Turbotax when I fill out "Deductions and Credits?" Thank you
