Please help. I made a late contribution and conversion using the backdoor method.
In January 2024, I contributed $6,500 to my traditional IRA and converted it to my Roth IRA with the intent of using it for my 2023 Roth IRA contribution. In January 2024, I also contributed $7,000 to my traditional IRA and converted it to my Roth IRA for my 2024 contribution. I accrued only 1 cent of interest, and it is still in the traditional IRA.
How do I answer the following questions properly when filing my taxes?
1. What my total basis for Dec 31, 2023? Is this $13,500? If so, it doesn't line up with my Form 8606 line 14 which is $0. If it's any less than $13,500, it appears that I'm getting taxed on the contribution/conversion which I don't believe is correct.
2. What do I put for my explanation if I put $13,500 for #1? Is it just that I did a late contribution and conversion to my 2023 Roth IRA?
3. Any Nondeductible Contributions to Your IRA? I do have a form 8606, so is this yes?
