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Retirement tax questions
You are correct that a backdoor Roth conversion does not have tax consequences. When you put money in a traditional IRA then covert the funds into a Roth IRA it isn’t a taxable event as you have already paid taxes on the money that you contributed to the traditional IRA.
The backdoor Roth conversion is completed in two steps. First you will enter the Traditional IRA contribution and secondly you will enter the conversion from a Traditional IRA to a Roth IRA.
Please see the TurboTax Help article How do I enter a backdoor Roth conversion? For detailed instructions. For additional information, please review the TurboTax Help article What are traditional IRA to Roth IRA conversions?
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March 2, 2023
12:54 PM