We did a back door conversion from a traditional IRA to a Roth IRA during 2024. I've followed the instructions for recording this in Turbo Tax (both the amounts reported under income for the distribution that was converted and in reporting contributions made to the traditional IRA), but Turbo Tax is coming up with a $2,000 taxable amount and I'm just not sure how.
The conversion amount is higher than the contribution amount due to how our financial planner booked the contributions (amounts from 2024 were put to 2023 on their system by the looks of it), which impacts the 1099 that we received. That amount wouldn't have put us over 2023 contributions in that year (we did a conversion then as well but didn't have this same issue).
Is Turbo Tax calculating this correctly and we have to pay on this difference between what was contributed and converted?
Any insights would be appreciated!
