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Retirement tax questions
This year I did the Backdoor Roth IRA for both my wife and myself; $7000 each, as we are both over age 55.
The money is deposited in a Traditional IRA at our bank, and 100% is converted to both our Roth IRAs, and the Balance of both our Traditional IRAs is ZERO every year on 31 DEC, so the Pro Rata Rule does not affect this action.
Additionally, my wife rolled over $100,000 from the 401K from her work, into this same Traditional IRA at the Bank. This money was converted to her Roth IRA along with her $7000 contribution, as mentioned above.
For some reason, Turbo Tax is NOT taxing that $100,000 as taxable income.
I have entered VERBATIM the 3 1099-Rs that pertain to this eventual conversion to a Roth IRA.
Repeated "Smart Checks" find "No Errors", but I know something is wrong, and I have been going through the questions step by step to fix this.
Any clues on what I am doing wrong?