@MichVan wrote:
But everything I have read/been told is that a contribution limit to a BackDoor Roth for someone over 55 is $7,000 - not income dependent. Just not sure why this is so hard in Turbo Tax…??
That's is simply wrong. There is no such thing as a backdoor Roth IRA in the law, it is the application of rules that work together in a way that might not have been intended by Congress.
Step 1 of a "backdoor Roth IRA" is to make a non-deductible contribution to a traditional IRA. That follows all the usual rules for IRA contributions. Your IRA contribution can never be more than your compensation from working--that's W-2 wages, and 92% of your net profit from self-employment. And the maximum contribution for 2023 is either $6500 (under age 50) or $7500 (age 50 or older).
Step 2 is to do a conversion to a Roth IRA.
