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Backdoor Roth "conversion" on money already contributed directly to Roth IRA
Earlier this year, I contributed the max amount to my Roth IRA directly, but due to a pretax to Roth 401k conversion, my taxable income will increase and I'll have to "convert" the Roth IRA contribution to a backdoor Roth to workaround the Roth IRA contribution income limit. I made the contribution several months ago, so I'm sure I will have some gains / losses.
What is the best way to go about "converting" my direct Roth IRA contribution to a backdoor Roth IRA contribution, and how would I enter it correctly in the TurboTax desktop edition?
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‎December 6, 2024
5:54 PM