Today is April 4, 2024, I made a non-deductible $7500 contribution for 2023 to my Traditional IRA and immediately I backdoor converted the entire amount of $7500 to Roth IRA.
In this case, I would need to report both the non-deductible contribution (Traditional IRA) and backdoor conversion (Roth IRA) using the 2023 Form 8606 because these two actions are for the Tax Year 2023 although they happened in April of 2024.
In TurboTax preparing the 2023 tax return, I was able to trigger Form 8606 to report the non-deductible contribution on Part I of Form 8606. However, I am unable to report the backdoor conversion (Part II of Form 8606) as it appears that TurboTax requires a 1099-R for the Part II. Obviously, I won't have the 1099-R until next year 2025. And it seems wrong to me if I create a new 1099-R on my own, as I will receive an offical one next year.
Also, when I overrided Part II of Torm 8606, TurboTax flags as errors and it won't be able to file electronically.
Potentially, I can mail in the physical Form 8606. But I'd like to find out the best way to handle this situation in TurboTax?
