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Retirement tax questions
Let's try to answer your questions one at a time.
1 - Contributions and conversions are different things. Contributions have limits and deadlines depending on the tax year. Conversions do not have a limit or a deadline. You can do a Traditional IRA to Roth IRA conversion anytime for any amount. But, when the goal is to have money put into your Roth IRA through the 'back door' to work around the AGI limits for contributing directly to the Roth IRA, most people contribute to the Traditional IRA and immediately covert it to a Roth IRA. This is not because there is a deadline, but it is to avoid having the Traditional IRA generate earnings before the conversion because the earnings would be taxable.
2 - For your 2023 return, your Form 8606 should show a total Traditional IRA basis of $12,500. Line 1 will show $6500 and line 2 will show $6000.
3 - Yes, the directions in the link telling you how to correct and file the 2022 Form 8606 is accurate. You can open your 2022 TurboTax program and open your tax return. Then go to Forms mode, click Open Form in the upper left corner and search 8606. Click on the 8606 and use the Print button at the bottom of the screen to print it. The heading of the form should already include your information. Or, use this link to print the Form 8606 from the IRS: 2022 Form 8606
4 - No blunder has been made.
5 - TurboTax can handle it. The key is to follow the instructions when entering the information into your tax return. For reference, here is the link to the instructions once again:
How do I enter a backdoor Roth IRA conversion?
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