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Retirement tax questions
I am looking for help with entering 1099-R for backdoor roth as well. I made after tax contributions to traditional IRA and immediately converted to roth IRA (backdoor 🙂 ). On 1099-R both line 1. Gross distribution and line 2a. Taxable amount show the full backdoor roth figure of $8000.00 Also, on 1099-R the "taxable amount not determined" box IS checked. I had no funds in the IRA prior or after the backdoor roth transaction, and would expect the actual taxable amount to be $0.00 since this traditional IRA contribution was made with after tax dollars and immediately converted to roth. However, when I enter $0 in turbotax I am getting an error message: "should not be zero if there is no prior year excess traditional IRA contribution on line 4 of the IRA Information Worksheet."
Any assistance/guidance would be greatly appreciated!