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jtip1025,
Congratulations on your smart move to own just a single traditional IRA in order to make backdoor Roth conversions virtually painless. (Do check if the traditional account has earned any interest, dividend, etc. between the time of contribution and the time of distribution as that would incur a small amount of taxable income.) TurboTax has a FAQ on how to perform this operation. The portion for online TurboTax reads:
Step 1: Enter the Non-Deductible Contribution to a Traditional IRA
Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA
To check the results of your backdoor Roth IRA conversion, see your Form 1040:
if you do this every year, surely you know how it works.
You should be helping us !
what's different this time ?? if it's taxable, that means you had only a partial basis, not a 100% basis. That will happen if your IRA went up in between the two events.
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