Hello community,
I received 2 1099-R forms due to a recharacterization for back door roth conversion (contributed $6k directly to roth, grows to $7k, recharacterized to traditional, and converted back to roth ira to avoid income limits). I know I will owe income tax on the $1k in capital gains and will come about $250.
I am really frustrated on how to input this information correctly into TurboTax. Once 1099 R are entered, this shoots tax due through the roof! Can you please state step by step procedure how to enter/report this using the numbers provided above ? I know in the end of the day, I should see tax from ira is $250 (~25% income tax) by I am not able to achieve that.
Thanks!
