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backdoor roth entry trouble

I am trying to enter a backdoor roth conversion. I have followed the instructions from another article:

 

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-convers...

 

My situation - doing a contribution to a traditional IRA now and immediately converting it to a Roth IRA, $7k.

My question - is the 7k taxable?

 

After doing the data entry as noted in the above article, the converted amount shows up as taxable. I thought it was supposed to not be taxable.  Is there something I am doing wrong or missing? Any entries I should double check????

 

thanks!

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1 Reply
FangxiaL
Expert Alumni

backdoor roth entry trouble

If you decide not to take a deduction on the $7,000 contribution, it should not be taxable. 

 

Please clarify: Have you made your Traditional IRA contribution for 2021 and converted the contribution to Roth IRA and received Form 1099-R?

 

If not, enter your Traditional IRA contribution, and when you receive your 1099-R in 2023, enter it as a conversion. 

If you have an existing Traditional IRA account already and it has a deductible contribution, part of the conversion will be taxable unless you have only non-deductible contributions.  

 

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