Hi All,
I have a Traditional IRA account that i contribute to and use it primarily to do a backdoor Roth IRA conversion every year upto limit. But when i received my 1099-R it mentioned Gross distribution and Taxable amount and
Taxable amount not determined and Total distribution boxes checked. This money was contributed to my Traditional IRA after taxes from my savings account and i don't owe any taxes on just converting to Roth IRA.
I also have a Form 8498 which shows the conversion to Roth IRA. Can anyone explain why this is a taxable event when i select i converted this money to Roth IRA in Turbotax? Please see attached screenshot. This was in my Fidelity account. Thanks in advance.
