Question
Back door IRA help needed
I used AFTER TAX money to purchase a $7000 IRA and then subsequently converted it to a ROTH IRA. When I input the information into Turbo Tax - it seems to want me to pay taxes AGAIN on the $7000 (that I already paid tax on) as it reduced my refund amount once I entered the information. What am I doing wrong? How do I enter it properly in Turbo Tax? (PS - I checked and I met all of the qualifications for the "back door conversion" of the IRA to ROTH). Thank you 😄
