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backdoor coversion showing tax to be paid in turbotax
Hi, I contributed $6,500 to my Traditional IRA for the 2023 tax year on April 10, 2024, and $7,000 for the 2024 tax year on the same day. Since my income is higher than allowed for deduction, I did not take any deduction for these contributions. Then, on April 11, 2024, I did a backdoor Roth IRA conversion of the full $13,500. Why is TurboTax showing that I owe taxes?
March 29, 2025
5:00 PM