I made a non deductible IRA contribution for the $6,000 limit. I am over the income limit so did a backdoor Roth IRA. Invested the $6k in money market and after 6 days converted it into a Roth IRA.
There was $0 market return, so hence there should be no tax basis needed, per the IRS rules, from all my investigation (and my I did it in the first place)
Now in Turbotax I followed the articles on how to enter it, and it is is still showing the $6k as taxable on Form 1040 (line 4a shows $6,000 and line 4B should be $0 but it is $6k)
Unsure what issue is occurring?
Or is my tax assumption incorrect - the IRA was from post tax money, no deduction was taken, and then I pay tax again on the $6k to convert to a Roth IRA - pretty sure this is NOT meant to be the case.
