For 2023 tax year, my wife and I contributed directly to a ROTH and in April 2024, Turbotax informed us this was an issue so we converted that amount to an IRA to prevent any penalties. We then contributed to that same IRA in 2024 and did a backdoor conversion in 2024 to a backdoor ROTH IRA. Now when filing for our 2024 tax year, Turbotax is indicating that we make too much money to contribute to a ROTH but it should be acceptable. We did not overcontribute to our IRA.
Especially since the amounts increased over time, we are very confused on what values to put where to make turbotax happy with our backdoor roth IRA. Considering we did a transfer on a separate financial year, I have read this term may be a SPLIT backdoor roth IRA. Can you help us with guidance?
