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I opened a traditional IRA last week, deposit $6000 (as non-deductible) and then converted to Roth (backdoor) how do I fill out the tax returns
Do I just follow the instructions and enter the traditional IRA in Turbo Tax (as non-deductible determined by Turbotax) and don't bother with Roth, since the conversion happened in 2021 and there is no 1099 R form for 2020 (because I didn't have any IRA or Roth IRA from previous years)?
Also want to confirm that the backdoor conversion is not a "Switch" or "recharacterization", and I should answer No, when Turbotax ask the questions "did you change you mind" about switch or recharacterization. Is that correct?
‎February 2, 2021
6:44 PM