Hello,
I am trying to figure out why I am having an excess contribution of $7,216 and am wondering if I have entered my information correctly OR if what I did was not considered eligible for Backdoor Roth IRA.
To provide context, this chart below shows my deposit, re-characterization, and conversion history between the Roth IRA and Traditional IRA accounts performed in the year 2021 after I discovered that I no longer qualified for the Roth IRA 2020 tax year limit contributions.
I have received two 1099-R where one is for the re-characterization of "$4,216.04" and the other for "$13,218.90".
In Wage & Income, for the 1099-R input of "$13,218.90", I wrote the "Amount converted to a Roth IRA account" as "13,218.90".
Under Deductions & Credits, for traditional IRA, I entered 9,000, NO recharacterized, NO Excess IRA, 0 basis, and 0 "Value of your traditional IRAs on December 31, 2021".
For Roth IRA contribution, I wrote "3,000" with the amount switched from a Roth to a traditional IRA as "4,216" with the statement below:
I marked "No excess roth IRA contribution".
To me, I see it as I have performed the Backdoor Roth IRA for 2021 to its year limit.
I have also fixed my 2020 issue in the 2021 tax year by re-characterizing and contributing to the limit for the Backdoor Roth IRA (2020 tax year limit).
Any pointers?
Thanks!
