Hi All, Hope this is not an unique situation and someone has gone through this already.
Situation: In January 2021, contributed to Traditional IRA and converted to Roth IRA. Two separate transactions, one for 2020 and another one for year 2021.
Form 5498 shows contribution as 6000 where as form 1099-R shows 12000.
If I enter these numbers as it is in Turbotax online as they have explained in the "Backdoor IRA conversion", Turbotax says, I have 6000 as taxable income.
If I change contributions to12000, it says, I have excess contributions and calculates penalty on 6000.
What is the right thing to do here? Should I enter only 6000 in 1099-R?
Thanks for you help.