Hello-
I made some mistakes when I tried to do backdoor IRA, and am desperately looking for some advices to report the situation correctly. Here is what happened:
1. In March 2022, I opened a Roth IRA account for the first time and put $3,000 for last year, 2021.
2. However, soon I found my husband and my combined gross income (MAGI) was over the Roth IRA qualification limit. So, I transferred (recharacterization) of the $3,000 from the Roth IRA account to a new Traditional IRA account for backdoor IRA (we filed the tax last year already, so believe this is after tax-income).
3. Then, to complete the backdoor IRA, I re-transferred (conversion) the money back to the Roth IRA account for 2021. I didn't put the money into any investment plan, so there was no gain.
I am preparing my tax filing for 2021 and trying to report this situation. However, I am not sure if I can use Turbotax to report this and how to do so to avoid any penalties or issues in the future. Can you please help how I should report this?
Thank you very much in advance.
