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Traditional IRA contribution and backdoor conversion
I had two contributions to my traditional IRA in early 2021 when I filed for my 2020 return: 6000 for 2020, 6000 for 2021, both of which I didn't file form 8606.
In the middle of 2021, I did backdoor conversion of $12,470 (total amount of traditional IRA) to Roth IRA. I got 1099R for this conversion. The turbo tax keeps saying - Your income is too high to contribute Roth, and my contribution for 2020 is an excess contribution and will have a penalty.
Is this because I didn't file 8606 for 2020 contribution? What should I do to correct this error?
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March 27, 2022
2:39 PM