ales01
Returning Member

Retirement tax questions

Thank you so much @DanaB27 ! I was wondering if I could clarify some of the steps with you to make sure I did this correctly:

 

  • IRA 1.pngIRA 2.pngIRA 3.pngIRA 4.pngIRA 5.pngIRA 6.pngIRA 7.pngIRA 8.pngIRA 9.pngIRA 10.pngIRA 11.pngIRA 12.png1. I checked both here because technically I contributed, even if it was via backdoor. Is that correct?

 

 

 

 

 

2. I put in $7,000 here, and wanted to make sure that I was not supposed to put $17,277 (e.g. backdoor roth for 2024 tax year, done in February 2025 + backdoor roth for 2025 tax year done in December 2025)

 

 

 

3. Same question as the last screenshot.

 

 

 

 

 

4. I only entered the recharacterization for my 2025 tax year contribution. Is there somewhere I need to enter the recharacterization done in February 2025 for the 2024 tax year, or is what I've done correct?

 

 

 

5. Selected yes, as recommended.

 

 

 

 

6. I didn't put anything because I did a backdoor roth contribution.

 

 

 

7. This question came up because I told turbotax I had a Roth IRA before 2024. I think I've had my Roth IRA since around 2015. Did they want me to put all my cash contributions here prior to 2025 (not including my recharacterizations?)? I left it blank and it didn't seem to affect anything as far as I could tell.

 

8. I selected "no" because I never did a recharacterization before 2025.

 

9. I selected "no", but wasn't sure if this was correct because technically I had that excess contribution of approximately $3000 because of the gains in my traditional during the recharacterization. Should I say "yes" ?

 

10. Did I enter these fields correctly? The $1 is the extra left in my traditional IRA, and the $17,627 is from my Traditional IRA 1099-R for 2025 (both of my backdoor roth IRA contributions from this year + my gains that were made in my traditional IRA.

 

 

11. Where does the $14,127 taxable amount come from?

 

 

 

 

12. Just wanted to make sure this looks correct.