I have deposited around $500 to traditional IRA from my bank account (taxed money) and transferred all that amount to ROTH IRA within 10 days for deposit to tradition IRA as a backdoor ROTH IRA conversion.
I received to 1099-Rs, one for ROTH and one for traditional IRA. When I upload both the forms to turbo tax, the system is taxing for the $500 which I converted from traditional IRA to ROTH. Why I'm I being taxed for that amount? Please suggest.
Traditional IRA 1099-R
Roth IRA 1099-R
