I'm 55. I don't qualify for deductible contributions to an IRA because I have an employer 401K and I make to much for a Roth IRA. I do have a traditional IRA to which I made deductible contributions when I was a teenager through age about 23. I have not contributed to that IRA since then and have just let it grow.
In 2020 my investment advisor told be about a backdoor way to contribute to a Roth. Before April 15, 2020, I opened a new traditional IRA and contributed $7,000 to it as a 2019 contribution. A few days later before any earnings accrued, I transferred the $7,000 to a new Roth IRA. I did the same think in 2021 for the 2020 tax year, so that I now have over $14,000 in my Roth IRA.
I have never received a 1099-R from my investment advisors firm. I never filed an 8606 for a non-deductible IRA contribution. I have used TurboTax for 7 years and I don't see any of these forms in my return for 2019 created by TurboTax. This year TurboTax says I may owe a penalty. I'm not sure if I am entering all my information correctly as the term "conversion" and "recharacterization" are used and their meaning is not clear to me.
Can someone from TurboTax review my 2019 tax year file and determine if I have to make some correction, and then guide me on how to enter things correctly for 2020 tax year filing? Is this service available. I'm lost.
