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sevens777
Returning Member

2024 Excess Contributions Backdoor Roth (I Had Zero Earned Income)

Situation:

1. 2024 Earned Income ZERO

2. Contributed $8000 to a non-deductible traditional IRA (not allowed due to $0 earned income)

3. Immediated converted to Roth IRA (i.e. backdoor Roth)

4. Had some capital gains from the $8000 since the conversion.

 

How do I handle this situation (in Turbotax and with the financial institutions)? Obviously I have to undo the whole thing. Note that since I converted to Roth, the traditional IRA has zero balance.

 

Thanks.

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