- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Problem with two Backdoor Roth IRA conversions in one calendar year - previous tax years amount being classed as taxable
In Feb 2023 I did a IRA to Roth IRA conversion (backdoor Roth) for my 2022 contributions. After this I also contributed to my 2023 IRA and then did a IRA to Roth IRA conversion (backdoor Roth) for my 2023 contributions.
As expected my 1099-R form for 2023 shows a total distribution of both the 2022 and 2023 conversions of $12,500.
When filing my 2023 taxes via TurboTax online and using my 2023 1099-R form, and my basis of $6,000 from the 2022 8606 form, it is showing my 2022 conversion of $6000 as a taxable amount in field 4b on my 2023 1040.
What could be causing this? I have been through it all with two different people using the Live Expert option, and they both said everything is filled out correctly, and this amount should not be taxable.