Hello,
I have some money is my Traditional IRA. In year 2019, I contributed $7k of after tax money to my Traditional IRA and did a back door conversion to a Roth IRA. Turbo tax seems to think that part of this 7K after tax dollar is income and need to pay tax on it. Looks like I got taxed twice. Is this bug in Turbo Tax?
For example:
Let say my IRA has $100k, I added $7k after tax dollar to it and converted on the $7k to Roth. 7k/100k = .07. 7k - .07 X 7k = $6510. Turbo tax is counting $6510 as income that require tax to be paid. effectively I am paying tax twice. Please let me know if this is the way is should be or is a bug in Turbo Tax.
thank you!
