I made a 2017 tax year and 2018 tax year IRA and then backdoor in the year 2018. 1099R is for 2018 shows $11,000. Turbotax is giving error and says I have excess contribution and owe tax and 6% penalty. I have seen all the links and posts and followed directions, but it does not work. Any guidance?
Please use the following instructions to enter a "Backdoor IRA" to ensure it is calculated correctly in TurboTax:
To enter the nondeductible contribution to the traditional IRA:
To enter the 1099-R distribution/conversion: