Be sure that you have taken into account the non-deductible contribution to your Traditional IRA that was later distributed and converted to the Roth IRA.
1 - When you tell the program that you rolled over the money from the Traditional IRA to another retirement account, the amount is not taxable because it is going from one account to another similar account. When you indicate that the distribution was converted to a Roth IRA, then it is being calculated as taxable since a Traditional IRA with no basis (non-deductible contributions) is different from a Roth IRA. Once you have entered information about your basis in the Traditional IRA, then indicating that it was converted will not be taxable. This is the expected result.
2 - As long as you had no Traditional IRA accounts open on December 31, 2024, then the total account value would be zero.
You may have already seen this TurboTax help article, but you should review the section with the instructions to enter your non-deductible Traditional IRA contribution and be sure you have completed those steps. Also, make note of the link at the bottom of the document in case it also applies to your situation - making a contribution in 2024 for your 2023 tax return if it was not reported on your 2023 return.
How do I enter a backdoor Roth IRA conversion?
@saritaja
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