just asking a question about the basis.
I entered the 2 step process for the back door roth as listed in this posting. I did not understand what the basis is and I think I answered incorrectly. Here are the details:
1. I contributed 6K to a traditional IRA and moved that to a Roth IRA in the same year (2019). My balance is zero in the traditional IRA on 12/31/2019
2. the gross distribution on the 1099-R is 6001.23 (got 1.23 in dividends/interest)
3. when I was asked what the basis is, I entered 6001.23. Was I correct or should I have entered 6000?
4. the max limit is 6K for the year, so I should be paying a penalty on the $1. I don't know how to go back and pay the 6% on that $1 since Turbotax. I know it's not much, but I don't want to find out years later that I needed to fix that.
How to do pay the penalty in TurboTax? Thanks.
