Please be aware, that each distribution/ conversion will have a taxable part because of the pre-taxed $14,000 in the traditional IRA. The only way to perform the backdoor Roth conversions without being taxable in the future is to empty the traditional IRA by converting it all and pay the taxes on this conversion. Otherwise each contribution/conversion will be part taxable and part nontaxable.
TurboTax calculates the taxable part based on the information entered about the basis and the value of all traditional, SEP and SIMPLE IRAs on December 31, 2021 (step 7 below).
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis and value
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