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Traditional IRA to Roth conversion
Due to my increased income, in January 2020 my broker told me about the Backdoor Roth. So, I opened a new traditional IRA and put $7,000 (I am 68) into it for 2019 and $7,000 for 2020. These funds were immediately converted into my Roth account, and the traditional IRA closed. Since I could not get TT2019 to recognize a conversion from traditional to Roth, I designated the $7000 on my 2019 return as non-deductible. My 1099-R from the broker for 2020 correctly shows a $14,000 normal distribution from my traditional IRA. How do I enter this into TurboTax now so that it does not think I have a $7,000 excess contribution to my Roth for 2020?
May 7, 2021
11:58 AM