I did 2 backdoor roth IRA conversions last year. Like other articles I've read, I've followed the steps to enter my two 1099-Rs for 2024. However, line 4b in Form 1040 still shows the $14k as taxable amount. I'm using the Windows desktop version of Turbotax, so the steps I see aren't exactly as they are listed in the help guides. This is my first year using Turbotax. a few questions/observations:
1) I notice at the step "what did you do with the money" if I choose "rolled over to another retirement account," my tax refund stays the same, but as soon as I put the amount in the "converted to a roth IRA" box, it goes down.
2) Or am I getting hung up on the basis/value of the traditional IRA part? Since I moved the money to the Roth IRA before December, I am putting 0 as the value of the traditional IRA. Is that correct?
