Hello,
For the tax years of 2022 and 2023, I made backdoor contributions to my Roth IRA as my MAGI exceeded the Roth IRA contribution limits. In 2022, I made the contribution in fiscal year 2023, but for tax year 2022 (i.e. I contributed the money in January 2023 for tax year 2022). For tax year 2023, I made the contribution in December of 2023. In both cases, all the contributed money to my Traditional IRA was recharacterized into my Roth IRA as soon as the transaction settled.
In total my contributions were $6K in 2022 and $6.5K in 2023, the max contributions in both years.
I have completed my taxes for the current year and I think I entered my taxes correctly for the 2022 and 2023 to capture both backdoor contributions. However, on my 2023 taxes, I am being told that I have an excess contribution for $6.5K in 2023. I confirmed that I filled a Form 8606 in 2022 detailing out the contribution I made for that tax year.
All in, I feel like I am lost here as my understanding is that everything I have done so far is correct under the backdoor contribution procedures.
Any help is greatly appreciated. Also happy to provide more details where needed.
