Hello,
So, this is my first time doing backdoor Roth IRA, and honestly and IRA.
In June of 2024 I did a $7000 contribution to traditional IRA. Due to my income, this was not a deductible contribution. A week later I did a conversion to Roth IRA for $7000.
Mind you, the initial 7k in the tradition IRA earned little bit of interest that I did not convert (this value as of 12/31/2024 was $9.75 will get to this point later)
I first went thru the process of entering my traditional IRA contribution, which of course Turbo Tax told me does not qualify for deduction based on my income.
Next I entered my 1099-R form and I entered all the information. One of the questions that confused me a little bit was what the amount was in my traditional IRA as of 12/31/2024. So I entered the amount $9.75 I mentioned above. There are two other fields I did not know what to do with (Outstanding rollover and outstanding recharacterizations). Do I need to enter this $9.75 as any of those or leave it blank?
This pretty much did everything and wrapped up the process. At least I think. So, I am just trying to confirm if I did everything correctly, or is there anything else I am missing since this is my first time doing this.
Thank you!
