During 2023 I did a Traditional IRA to Roth Conversion
I opened a Traditional IRA and deposited $6000 post tax dollars into it, then the next day I converted it to Roth (liquidated my account $5992.74) - both Traditional IRA and Roth are with the same financial institution.
I was under the impression I won't owe any taxes but when I entered my 1099-R I received from my financial institution into TurboTax. I now owe taxes? I see a significant drop in my estimated refund. The box 1 on my 1099-R is $5992.74. And Turbo Tax is treating this as income but I think that should not be the case since I contributed the initial $6000 dollars are post tax money..
I feel like I am missing something. How can I indicate in Turbo Tax that these dollars have been taxed already?
edit -
Since I made the initial contribution 03/02/2023 - my form 5498 that indicated I deposited $6000 is counted under 2022 Tax year
The Roth conversion happend on 03/03/2023 and my form 1099-R is counted as my 2023 Tax year
....what should I do?
