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Backdoor Roth IRA Contribution in 2025 for 2024 tax year
I contributed the maximum amount to a traditional IRA in January 2025 for the 2024 tax year and then transferred those funds to a Roth IRA to utilize the backdoor contribution method because I make more than the authorized amount to simply contribute to a Roth IRA. When I enter this information into Turbotax I am getting an error that I can't contribute to a Roth IRA. How do I account for this so that I do not get an error?
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March 3, 2025
5:45 AM