Pl. see if you can help with this.
- For a long time I have had an IRA into which I rolled over pretax 401K money from my past employers
- Over the time, I also contributed non-deductible annual IRA contributions too
- So by the beginning of 2022, my IRA had a mix of pre and post tax money in it
- I had been using Turbo Tax for many years and it maintained by tax basis etc., for post-tax contributions
- But in 2022 I made a very stupid mistake of pulling out post-tax money out of that IRA and converted that to Roth IRA without realizing the implications since I was just 63 years only :(
- So tax bill got fat, I just have to suck it up and pay now
However when I used Turbo Tax premier to enter 1099-R, at one point it does ask me for the total IRA balance by the end of 2022 to approportionate the tax for taxable part of my total converted amount. But it is asking only for IRA balance. However, I also have 401K with the current employer. So my question is ...
- Like Turbo Tax asking for just IRA balance at the end of 2022 only
- OR do I have to add end of 2022 401K balance also?
regards
