I have contributed to a regular IRA in October 2021 and after two weeks converted to a Roth IRA. I am using Turbo Home and Business version. When I go through the process it comes back saying the 7000 is taxable ( since my income is above the limit and I have a retirement plan.)
Also, I can follow the previous answer set of guidelines up to number 8: [Select I did a combination of rolling over, converting or cashing out the money. Then, enter the full amount in the box next to Amount converted to a Roth IRA account and ]
But I do not get the part: What did you do with the money exactly as it is with john doe .... but I can assign the full amount converted to Roth IRA. then it comes as fully taxable.
( I do not have any traditional IRA, but have I have a Roth IRA and a Rollover and SEP IRAs. ) Questions regarding the previous year's conversions etc ask for 2020 and before for which I have no conversions. One time it came up with $189 out of $7000 as non-taxable. I think that is when I included the SEP and ROLLOVER IRAS as the regular IRA basis (other than Roth). Any help is appreciated.
thanks
Confused new member
