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Traditional IRA after tax dollars to ROTH IRA double taxation
I did a Traditional IRA contribution using after tax dollars of $7000 and converted all of that to ROTH IRA immediately in Jan 2024. When I entered 1099-R, even though marked as non deductible for filing 8606, I am getting taxed for this $7000. I am kind of double taxed for this. This is the first time I am filing 8606. How to do it claim the tax refund for this?
March 18, 2025
2:01 PM