Hi, I'm trying to understand if I reported correctly for a backdoor Roth IRA conversion or if I made a mistake and need to make an amendment. In 2023, I converted $6500 from a traditional to a Roth IRA, but had $3 in gains by the time I made the conversion. So in my 1040 I have line 4a as 6500 and line 4b as 3, is this correct? I was confused while doing my 2024 return in TurboTax because the software I believe auto-calculated it as I had converted $6497 and left $3 for 2023. Do I need to make any changes for 2023? I think the 1040 is correct, though.
For 2024, I had contributed $7000 to the traditional and converted it to the Roth IRA, but had $21 of gains still sitting in the traditional. In my 1040, I have line 4a reporting 7000 and 4b as 21 for the taxable amount. My financial advisor suggested for 2025, I should move my IRA contribution amount ($7000) plus the gains ($21) to zero out the traditional IRA and report in my 2025 tax return that I converted $7021 to Roth. Is this the right way to go about it? Please let me know if any mistakes were made for the 2023 and 2024 returns and if so, how I should go about amending. Thank you!
