For 2023, I just received a 1099-R for it because during the year, I accidentally contributed $5000 to an IRA, then converted it right away to a Roth IRA. My tax went up after entering the 1099-R into T-tax for the $5000, even though it's techically after-tax dollars since I not claming a deduction for the traditional IRA that $5000 was in.
Can someone suggest if/how my next cousre of action would be to avoid paying taxes on that 1099-R? I've read something about filling out form 8606, but it's a little confusing and Turbotax isn't leading me in a clear direction here.
Thanks!
