I did 2 Back Door Roth IRAs and here's how they worked.
Me: I have a Traditional IRA with $0.03 in it. I deposited $7,000 (I'm over 50) and immediately converted it to my Roth IRA. I followed the instructions and it worked fine. All transactions occurred in 2021
Spouse: I set up a Traditional IRA in 2022, deposited $7000 (again over 50) and immediately converted it to her ROTH IRA. When I enter this info into Turbo Tax (the Deductions & Credits section), I enter the $7,000 that was entered between Jan 1, 2022 and Apr 18, 2022. These transactions are for 2021 tax year. Unfortunately, when it enters this onto the 8606 form, it somehow is doing it wrong and has the $7,000 as a Taxable Amount on line18.
Wondering of this is one of the fixes that will take place on 3/31/2022? Also, this seems pretty late to be applying a fix :(
