I contributed $6000 after tax money to my traditional IRA in 2022 and categorized all $6000 to Roth IRA. Here are my answers to the question in TT:
1. Did you contribute to a Traditional IRA? - Yes
2. Is this a repayment of a retirement distribution?- NO
3. Total 2022 traditional IRA contribution: 6000
How much of the above total contribution for 2022 you contributed between 1/1/2023 and 4/18/2023: 0
4. How much of the $6000 you contributed to a traditional IRA for 2022 did you switch, or "characterize" , to a Roth IRA? Amount Switched from a Traditional IRA contribution to a Roth IRA contribution: 6000
5. Any excess IRA contribution before 2022? No
6. Any nondeductible contributions to your IRA? Yes
7. IRA Basis as of Dec. 31, 2021: Line 14 from form 8606
8. Attach an explanation- it says the IRA basis we transferred from 2021 is different from the basis entered. Not sure why.
On this screen. it offers two buttons: "Prepare Explanation" and "Continue", I just clicked "Continue" and it told me that "your income is too high to contribute".
I have done similar things in the past couple of years and didn't have any problems like this. Can anyone help?
Thank you!
