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Get your taxes done using TurboTax
If the full amount is being taxed and the conversion took place for a 2023 contribution, be sure that you have entered the 2023 contribution to the Traditional IRA and made it non-deductible. That will put a basis in the system so that the distribution and subsequent conversion would not be taxed.
If your Form 1099-R is reporting a 2022 Traditional IRA contribution that was converted to a Roth IRA in 2023, there is further information in the instructions about how to handle that situation if it is being taxed.
Here is a link to the current instructions:
How do I enter a backdoor Roth IRA conversion?
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‎February 4, 2024
7:39 AM