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How to I code my conversion from IRA to Roth where part of the IRA is non-taxable? I'm using the Desktop Home & Business version.
Last year, I contributed $6K to my IRA. I was above the AGI limit so that contribution was not tax-deductible.
I then converted my entire IRA to Roth - both the $6K I had contributed, plus additional amounts that were already in there. I got a 1099-R for the full amount showing that it is taxable. But $6K of that money was not tax-deferred, so I'm being double taxed on that $6K. Is there a way to exclude that from the taxable amount in TurboTax, using the Desktop Home & Business version?
Thanks so much
I then converted my entire IRA to Roth - both the $6K I had contributed, plus additional amounts that were already in there. I got a 1099-R for the full amount showing that it is taxable. But $6K of that money was not tax-deferred, so I'm being double taxed on that $6K. Is there a way to exclude that from the taxable amount in TurboTax, using the Desktop Home & Business version?
Thanks so much
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‎April 1, 2023
6:43 AM