Hi,
My wife mistakenly converted to Roth IRA directly in 2023, because she always do that before. But she realize that 2023 our income is not eligible to directly contribute to Roth IRA, so she called bank in Jan 2024 and reversed it. But she got a 1099-R for the Roth IRA account and having distribution amount and taxable amount?
My questions are
1 Is there a taxable amount because of the gain between the time she put money in and took out of the account?
2 How should I enter this 1099R in turbo tax correctly? Are we going to pay tax that we do not owe if we simply upload this to turbo tax? I mean we did not took any money out for the Roth IRA basically just took out the amount that was not supposed to be there at the first place.
Thank you
