Need some help understanding what to enter in Turbo Tax and how. Thanks! See below for timeline of events.
2020 - made a Roth IRA contribution of $6,000
2021 - realized MAGI was too high prior to filing 2020 taxes
Jan 22, 2021 - recharacterized $7,154.66 to traditional IRA ($6,000 (initial contribution) + $1,154.66 (gains))
Jan 25, 2021 - backdoor Roth IRA $7,147.30 (lost some $)
Filed my 2020 taxes where I reported the $6,000 as nondeductible on Form 8606. Received form 5498 later in the year.
Jan 27, 2021 - I did a $6,000 backdoor Roth IRA contribution towards the 2021 tax year.
I then received a 1099-R for 2021 reporting $13,147.30 ($6,000 + $7,147.30) as gross distribution and taxable amount with distribution code 2.
What do I enter in TurboTax and how? Why is the amount for $13,147.30 and not $6,000?
