Hello,
I'm struggling with this. Other posts address it, but still haven't seen how to do this. I guess this is a back door roth conversion.
Background
2021: Contributed to IRA but was not permitted to deduct (after tax $3000 IRA Contribution)
2023: Converted that IRA to Roth IRA ($3400).
Problem: I only owe tax on the $400 increase in value. I cannot figure out where to enter this info in TT 2023 Home & Business Version
1099-R
Box 2b:
[X] Taxable amount not determined
[X] Total Distribution
Box 7:
2 (Early Distribution (except Roth IRA)
[X] The IRA/SEP/SIMPLE Box is checked on my copy of the 1099-R
Turbo Follow-up Questions
What did you do?
[X] I moved the money to another retirement account (or returned it....)
[X} I did a combination
Amount rolled over to another (or back to the same) retirement account: $0
Amount Converted to Roth IRA: $3400 (entire amoutn)
