Hello all and thanks in advance for the help. This situation seems odd but I can make it work on the paper 8606 form but not turbo tax.
-Contributed 6500 to Roth IRA early 2023(for 2023)
-Contributed 7000 to Roth IRA early 2024(for 2024)
-When filing 2023 taxes in March '24 discovered I earned too much for Roth contribution and requested a recharacterization of both deposits into traditional IRA.
-Received Distributions of 7291 and 7387 into traditional IRA May/June 2024 (total 14,678)
-then requested Roth conversion of all 14678. completed nov '24 (it earned some $)
-now I have 3 1099 R's.
1)7291 - 0 taxable amt, code R
2)7387 - 0 taxable amt, code N
3)14,867 - taxable amt unknown, total distribution.
-Turbo tax keeps calculating my taxable amt in 1040 line 4b as 7,867.
My understanding is that my 2023 basis for nondeductible IRA should be 6500, and 2024 should be 7000. leaving a taxable amt of 1367. How do I get this entered properly in TurboTax?
On a paper 8606 If I put line 1)7000 and 2)6500, and line 😎 14867 the taxable amt comes out to 0
I have not yet filed an amended '23 return with the distribution code R. Or a 8606. do I need to?
Thanks again.
