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ipm003
New Member

Backdoor Roth IRA

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!

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2 Replies

Backdoor Roth IRA

you had nothing "outstanding" so leave those blank.

You should be seeing $8 on Line 14 and 15c of Form 8606.

 

That is normal.

@ipm003 

 

You must keep Form 8606 for your own records.

MarilynG1
Employee Tax Expert

Backdoor Roth IRA

Here's some info you may find useful going forward on How to Enter a Back-Door Roth Conversion and Form 8606, which you continue to file until your basis is depleted.

 

Also a detailed FAQ on Excess Roth IRA Contributions.

 

@ipm003 

 

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