Because of my income level, I must do a backdoor conversion to able contribute to Roth IRA. I did this through Vanguard. I first put $7,500 (I am over 50) into my Traditional IRA in 2023, then converted all of it to Roth IRA (backdoor) after two days. During these two days, while my money was sitting in my Traditional IRA account, it gained a value of 87 cents. Consequently, I have converted all the money to Roth IRA (backdoor IRA). The converted amount was $7,500.87.
It’s not clear to me how to enter this information in Turbo Tax. When I file my taxes on paper, it was easy to do this. I just paid taxes for 87 cents, and I was all set. Can someone give me guidelines how to do this in online version of Turbotax. This is the only part I am stuck at. In the past years, when there was no excess conversion, I was able to follow the TurboTax instructions, but with excess conversion, I am confused. If I can figure this out, I do not have to go to another preparation office. Thank you.
