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Retirement tax questions
I think I figured it out. I happen to have a prior SEP-IRA, and this makes any backdoor Roth rollover fall under the pro-rata rule. A complicated thing but basically the government ends up double taxing a backdoor roth based on your percentage of post to pretax assets in the IRA's. Looks like turbotax automatically accounts for this but does not explain it in any way!
‎February 20, 2025
1:11 PM