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Get your taxes done using TurboTax
Hi,
Thank you for the clear instruction and the multiple options.
I'm having trouble because I made both 2020 and 2021 backdoor Roth IRA contributions in Feb '22 ($7K for each year, totaling $14K). So my 1099-R show $14K and if I enter $14K in the "Deductions & Credits" section for IRAs, in Turbotax, it calculates an over-contribution penalty. Technically, my 2021 contribution was only $7K, but then $7K on my 1099-R goes unaccounted for.
Could you tell me how to handle this? Should I share my file with an agent?
‎August 13, 2022
7:44 PM