dbhaumik
New Member

Retirement tax questions

Tried all that was mentioned, still doesn't work.  This year's max backdoor Roth IRA contribution is 8000, last year it was 7500. When asked to write the total basis from 2023 tax returns I have to mention 7500.

Turbo tax then charges taxes for the extra 500. Instead of saying 7500 if I say 8000 ( which is wrong) it doesn't charge tax for the extra 500.

In form  8606 enter your non deductible contributions to traditional IRAs for 2024 it shows the value of 7500 and not 8000, it should be 8000.