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Get your taxes done using TurboTax
For the 2023 tax return, all you need to report is the 2023 non-deductible Traditional IRA contribution of $6500. Everything else will be reported on the 2024 tax return.
In 2024, you will report the 2024 non-deductible Traditional IRA contribution of $7000 and enter the information from Form 1099-R that will be issued to you in January 2025. The Form 1099-R will show the total distribution amount including the income that was earned. After you enter the Form 1099-R and indicate that the distribution was converted to a Roth IRA, only the income amount will be taxable.
Here are the step by step instructions for reporting a back door Roth IRA conversion in TurboTax. Only complete step 1 for your 2023 tax return.
How do I enter a backdoor Roth IRA conversion?
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