In 2023, we did a back-door Roth, contributing 6500 into the IRA and then converting to a Roth. But, what's interesting is that the account already had a balance of about $13k before that, so that $13k was converted and I would owe taxes on it. We are over the income limit, hence the back door Roth.
The 10990-R lists the whole $19500 as a contribution and rollover which is correct (distribution code 2, etc). And it went into Turbo Tax as me paying tax on the full $19500. I later noticed that I should not have paid tax on the $6500 that was contributed this year because that is post tax money. I believe this should be relatively easy to fix on form 8606, adjust the cost basis, but I don't see how to do that with TurboTax.
I originally put it in as all taxable (not quite sure how). But now if I amend and I follow this (https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-...) it makes the whole thing not taxable (also wrong). I can't figure out how to make some taxable and some not. I have called Turbo Tax support twice and they didn't know either. I know if I had paid for the "do it for me" I'd be good now, but it's too late to sign up.
Anybody know what I'm missing?
