I've gone through the FinanceBuff article and followed the steps to the T but the numbers are not adding up - https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html
This table described what happened in 2019.
| | Traditional IRA ending balance as of dec 31 2018 | Traditional IRA account on (mar 31 2019) | current year contribution to Traditional IRA (4/12/19) | Conversion to Roth IRA (4/12/19) | Taxable amount | Traditional IRA Balance as of 12/31/19 |
| Me | 11,164.21 | 12,396.14 | 6000 | | | |
| | | | 18,396.14 | 18,647.93 | 251.79 | 0 |
| | | | | | | |
| | | Traditional IRA account on (mar 31 2019) | current year contribution toTraditional IRA (4/15/19) | Conversion to Roth IRA (5/06/19) | Taxable amount | Traditional IRA Balance as of 12/31/19 |
| My spouse | 6282.32 | 6978.42 | 6000 | | | |
| | | | 12978.42 | 13173.6 | 195.18 | 0 |
In the step 'Let's find your IRA basis', for the question - 'Total basis as of Dec 31, 2018', I entered "$11,164.21". It says the IRA basis we transferred from 2019 is different from the basis entered. Include an explanation.
My 2018's Form 8606, item #14 (Total basis) says $5500.
I'm not sure what to do now. Is my IRA basis $5500 or $11,164.21?
