I have $11,000 as my total basis in traditional IRAs (non-deductible contributions). The value of all my traditional IRAs (because of the 401(k) pre-tax funds rollover) is $160,697 as of 12/31/2019. In 2019 I made a conversion to Roth in the amount of $7,947. To determine how much of $7,947 will be taxable, I did the following calculations:
$11,000 / $160,697 = 6.85% - that's non-taxable share of the converted amount
100% - 6.85% = 93.15% - that's taxable share of the converted amount
$7,947 * 93.15% = $7,403 - that's the taxable amount of the converted funds
However, Turbotax calculated the taxable amount to be $7,429. The difference is small - $26, but it's still there - I would like to know if I am doing my calculations wrong as I can't attribute this difference to a rounding error.
